Absolutely Independent goes bankrupt

Holland-based format distributor Absolutely Independent, part of the Nordic World group of companies, has filed for bankruptcy.

Nordic World CEO Espen Huseby told C21 the firm had been through a “tough and thorough process” to try to save Absolutely and had been “trying to avoid this for a long time” but had ultimately been left with no alternative.

The news, first reported by TBI Vision, means a lawyer will now be appointed to deal with Absolutely’s catalogue, with rights handed back to the producers.

Huseby said staff at Absolutely had been reduced to a “small handful of people” in recent months, adding that although discussions were ongoing, he was hopeful other roles within Nordic World would be found for Absolutely employees.

“We are still focused on the future and continuing with the growth of Nordic World as always,” he said. “We have suffered financially because of this but it’s business as usual.

Nordic World, owned by Norwegian broadcaster TV2 and Sweden’s TV4, acquired Amsterdam-based Absolutely in January 2014 from its founder, CEO and president Patty Geneste, who subsequently joined the Nordic World board.

Absolutely had previously sold a 5% stake to Kees Abraham’s Imagine Nation in 2012, but a deal for Imagine to acquire a controlling 50% stake fell apart and Nordic swooped in.

Geneste left the company she had founded 18 years prior in November following disagreements about its future direction.

Huseby said his firm found financial problems after concluding the deal that have eventually overwhelmed the distributor.