Carrere goes Chapter 11
French TV production house Carrere Group has applied for redressement judiciaire, the French equivalent of Chapter 11 bankruptcy protection.
Carrere, controlled by Charles Carrere, owns animation business Les Armateurs, and also produces of French detective series Maigret, and production houses Scarlett and Ego. However, losses recently have been significant. 2007’s operation loss was $162m, against revenues of $188m.
Additionally, and not helping, is a separate investigation of the business by the French Financial Markets Authority with allegations of inaccurate company filings.
Carrere had expected to be bought by animation specialists Moonscope but failed to have the financing in place by Nov 30. Financial newspaper Les Echos puts Carrere’s debts at some $84m.