The future of Munich-based kids producer and distributor TV-Loonland is up in the air as it filed for insolvency and entered into preliminary administration today.

Dr. Michael Briem, who has stepped down from the supervisory board, has been appointed as TV-L’s CEO. A statement issued by the company said that Briem believes the value of TV-L’s assets exceed all open debts and he is working with the preliminary administrator to maximize their value.

The official announcement comes after rumblings earlier this week that TV-L was possibly up for sale or about to go into receivership. It remains to be seen whether Briem will be able to find a buyer for the company or chunks of its assets to generate the equity injection TV-L had sought prior to making the announcement.

Recently the company restructured its finances and paid off its debt by selling its Hasbro Animated Classics Library to US-based toyco Hasbro, as well as its 61% stake in UK home entertainment company, Metrodome.

The appointed spokesperson for TV-L declined comment on questions surrounding plans for its staff, current revenue and debt levels and potential buyers.