After 15 years in business Concert Cooperation Bonn has been forced to declare insolvency. Ernst Ludwig Hartz filed the case on January 31 in Bonn. The court appointed the lawyer Dirk Obermueller as administrator for CCB.
Hartz told VIP-News: In the end we had no other choice. There are many reasons for the insolvency of CCB. The weak economy in Germany, higher production expenses, increased artist fees and high outstanding debts." For the time being the operational business of CCB will continue. The administrator works in close collaboration with the management to sustain work in progress and shows promoted by CCB. Meetings and discussions with creditors and agents will take place very soon. First investigations reveal that the 17th edition of the Bizarre-Festival will go ahead, but even so the future of the company remains uncertain. This is mainly due to high debts and the results of the upcoming negotiations with creditors.
CCB employed 7 staff. In Germany the first fixed period for an insolvency case is 3 months. If an administrator finds solutions that all involved parties and creditors are happy with, it may be that the company could continue doing normal business again.