Off the Fence (OTF), the Academy Award–winning factual producer and distributor headed by Bo Stehmeier, has entered bankruptcy proceedings.

In a statement, ZDF Studios (ZDFS), which has been OTF’s parent since acquiring the company in 2019, offered an account of the process that had led to the bankruptcy ruling, which began on June 6 when the court granted the initial request for suspension of payments and appointed an administrator. OTF has offices in Amsterdam, London, Bristol and Toronto, which it opened in May 2021.

“After a short period, it became clear to the administrator that the requirements for the suspension of payment couldn’t be met, and that is why he petitioned the court to convert the suspension into a bankruptcy proceeding, while appointing him as trustee,” the statement reads. “The trustee will now manage the further development of the situation, which will determine the company’s next steps regarding production and the exploitation of the existing programming rights.

“The management of OTF will be highly involved, and ZDF Studios is also in contact with the trustee regarding the further development of OTF.”

Pulling back to a wider view, the ZDFS statement explains that, “Due to the effects of the long-standing global industry weakness, Off the Fence has increasingly found itself in financial difficulty. Despite intensive support from [ZDFS] and external experts, as well as financial support from ZDF Studios GmbH and the principal banker, it has not yet been possible to put the company back on a financially and structurally sound footing.”

In a separate statement, Off the Fence CEO Stehmeier offered his own perspective on the company’s difficulties.

“Off the Fence has experienced a time that has undoubtedly been one of the most challenging for all businesses in our sector on a global scale,” Stehmeier begins, going on to note that OTF had “realigned itself after the pressures of the pandemic to meet the shifting demands of a future content world through building infrastructure to launch digital-first, FAST, AVOD and YouTube strands to its business.

“The work of diversifying revenue streams, strengthening global partnerships, coproductions and funded developments with brands, philanthropic agencies and building a digital infrastructure has created a proposition that is, in our view, a very attractive vehicle for global partners with a vision of scale and quality,” Stehmeier continues. “Despite the joint efforts of everybody at Off the Fence and shareholder ZDF Studios, we were not able to avoid this situation. We are in current negotiations with some interested parties and we hope to find a new home and partner.”

A recurring member of Playback‘s sister publication Realscreen‘s annual Global 100 cohort of the world’s leading unscripted production companies, Off the Fence has been recognized with more than 80 international awards, including the 2021 best feature documentary Oscar for My Octopus Teacher (pictured). The company, founded in 1994 by Ellen Windemuth, is internationally known for factual content ranging from natural history and wildlife to current affairs and science programming.

This story originally appeared in Realscreen

Image courtesy of Off the Fence