German TV maker Loewe files for insolvency

German's TV set maker Loewe files for insolvency on Tuesday and a request for self management in bankruptcy is already delivers to the district court Coburg, local newspaper Handelsblatt reported. The company said it only has sufficient funds to keep operations running until the end of this year, which means that it has to find a new investor before the end of the year to avert closure. The TV maker filed for protection from its creditors in July. Since then, it has been looking for an investor to speed up its restructuring program. Loewe fell into difficulties after it failed to keep up with competition from rivals like Samsung, LG Electronics and Chinese TV set makers. A significant move was made by Loewe in July with setting up a strategic partnership with China's Hisense International Co., Ltd in July. Yet the Chinese TV maker didn't bring any fresh money to Loewe, leaving it still looking for an investor. Founded in Berlin in 1923, Loewe is a premium flat-screen TV set producer which also makes audio speakers and home entertainment systems. Sales of the company fell to 250 million euros (328 million U.S. dollars) in 2012 from 374.3 million euros in 2011.