Pres Release from Ilford

[steve simmons]

sent to View Camera and CameraArts

ILFORD IMAGING USA INC OPEN FOR BUSINESS AS ILFORD RESTRUCTURES BUSINESS WORLDWIDE Paramus, NJ (August 25, 2004)-- The accounting firm Grant Thornton announced Monday the appointment of partners Mark Byers, Malcolm Shierson and Les Ross as joint administrators of our UK parent company Ilford Imaging Limited and joint administrative receivers of our UK affiliate Ilford Imaging UK Limited. The announcement pertains to those two UK companies alone. The Swiss business, including the ILFORD production facility in Marly, is solvent and continues to conduct business as usual. Similarly, Ilford Imaging USA Inc continues to do business as normal. "The US entity is operating in a business-as-usual fashion, and is continuing to accept and deliver on its orders as we evaluate how the changes at the UK companies might affect us", said Ward Phillips, President of ILFORD Imaging USA Inc. "We are taking every action and precaution to maintain ongoing operations with our customers. At the same time, behind the scenes, we will be working with our related companies in the ILFORD group to improve its performance and strengthen the outlook for the future", Phillips further stated. The ILFORD group was founded in 1879 in the UK, and more recently it has developed into the world’s leading supplier of dyes for inkjet photo printers and is the second largest manufacturer of inkjet photo paper. ###

[Jim Galli]

Thanks Steve. That is helpful....and encouraging.

[Capocheny]

Great news Steve... thanks for sharing the release.

Cheers

[David Luttmann]

Thanks for the great news Steve. I hope for the best. As well, thanks for another great issue of VC.

[Andre Noble]

Could someone knowledgeable briefly translate the first part of that?

[Annie M.]

Andre, It is in receivership.... on the block and up for sale..... http://news.bbc.co.uk/1/hi/business/3595978.stm

[Dean Lastoria]

I liked the press release better than the translation. I guess I'll sell my gear and take up alcoholism. Agfa, Kodak iffy, and now Ilford. Dean

[Ellis Vener]

Similarly, Ilford Imaging USA Inc continues to do business as normal. "The US entity is operating in a business-as-usual fashion, and is continuing to accept and deliver on its orders as we evaluate how the changes at the UK companies might affect us", said Ward Phillips, President of ILFORD Imaging USA Inc.

Or put another way, ILFORD Imaging USA Inc.will sell Ilford film until it stops being made by Ilford Imaging UK Limited and shipped to them.

Don't kid yourself, this is sad news any way you read it.

[Ralph Barker]

André - receivership is a form of bankruptcy in which a company can avoid liquidation by reorganizing with the help of a court-appointed trustee. An outright sale of the company is one of the options, but, as I understand, receiverships are supposed to be more flexible than other forms of bankruptcy.

"Ilford" is composed of several corporate entities: the parent company, Ilford Imaging Limited; then, the film-related manufacturing and UK marketing unit, Ilford Imaging UK Limited; the U.S. marketing and distribution unit, ILFORD Imaging USA Inc.; and the Swiss operation, where the digital products are handled. The receivership, according to this press release, affects only the two UK corporations.

[Mike Troxell]

>I liked the press release better than the translation. I guess I'll sell my gear and take up alcoholism. Agfa, Kodak iffy, and now Ilford. Dean

This type of thing is why I stopped using Kodak and moved to J&C. Uh, the receivership part is why I made the move, not the alcoholism part