German commercial TV broadcaster Deluxe Television has filed for insolvency at Munich's district court. "The reasons will not be commented on", the company said in a statement.
According to the statement, the team and management are convinced of the business idea and currently work intensely on giving the company a sustainable perspective for the future. Broadcasting and business operations will continue unchanged for the time being.
"We currently evaluate the files and look for investors prepared to give the company a chance, thereby securing operation of the channels in the long run," said preliminary insolvency administrator Axel W. Bierbach.
Deluxe Television operates free-to-air music channel Deluxe Music which launched in 2005, HD channel Deluxe Lounge HD and radio stations Deluxe Radio and Deluxe Lounge Radio.