More than a year after filing for insolvency, Germany’s heavily indebted media empire KirchMedia is on the verge of liquidation. A spokesman for the bankrupt company said on Monday that after failing to find a buyer, creditors had opted to sell off piecemeal the company’s vast holding of 10,000 films and 40,000 hours of TV series. The fate of KirchMedia was sealed at the beginning of June when would-be buyer U.S. billionaire and film producer Haim Saban pulled out of the deal after months of haggling over the price.