Munich, April 20 (Bloomberg) -- Kirch Holding GmbH, Germany's No. 2 media company, may file for protection from creditors as early as next week as its KirchMedia GmbH film unit struggles to find investors to back an overhaul, analysts said. Kirch, whose founder Leo Kirch quit last week, said yesterday it is focusing on restructuring individual units rather than the entire group, a further sign that a bankruptcy filing is near, analysts said. The holding company's finance chief, Brian Cook, resigned.
``An insolvency filing of the entire Kirch holding can't be excluded and the management resignations are a necessity for a successful restructuring of KirchMedia,'' said Alexander Kachler, a media analyst at private bank Merck, Finck & Co. in Munich.
Kirch Deputy CEO Dieter Hahn, who oversaw the expansion, is expected to leave the company, analysts have said.
KirchPayTV, meanwhile, will continue its rescue negotiations next week, Premiere spokesman Dirk Heerdegen said yesterday.
Ziems and van Betteray said April 8 that both Premiere and KirchBeteiligungs GmbH, another Kirch unit whose assets include a 40 percent stake in Axel Springer and the Formula One rights, may have to file for insolvency.
Bertelsmann AG, the biggest German media company, is considering taking a stake in Premiere
``An insolvency filing of the entire Kirch holding can't be excluded and the management resignations are a necessity for a successful restructuring of KirchMedia,'' said Alexander Kachler, a media analyst at private bank Merck, Finck & Co. in Munich.
Kirch Deputy CEO Dieter Hahn, who oversaw the expansion, is expected to leave the company, analysts have said.
KirchPayTV, meanwhile, will continue its rescue negotiations next week, Premiere spokesman Dirk Heerdegen said yesterday.
Ziems and van Betteray said April 8 that both Premiere and KirchBeteiligungs GmbH, another Kirch unit whose assets include a 40 percent stake in Axel Springer and the Formula One rights, may have to file for insolvency.
Bertelsmann AG, the biggest German media company, is considering taking a stake in Premiere