Another victim - AGFA in Chapter 11

[Juergen Sattler]

Mark,

I don't know that answer to that because I don't know what Ilford exactly went through and how the law is different from German law. There is still a chance the AGFA might come out of this smelling like a rose (credits might be forgiven, etc.) but this is a very serious event for a German company and most of them just disappear once they reach this crucial point. I guess we will find out pretty soon and I'm pretty sure we will see a press release from AGFA next week unless they really have given up completely - then there will be silence. Let's hope for some noise:-)

[mark blackman]

Ah, I see. We don't have the same thing in the UK. If a company gets into financial trouble, it can either voluntarily go into receivership, or a creditor can apply to the court to have receivers appointed. The receivers are tasked with paying off creditors, they may try rationalising the company (redundancies, reducing stock etc) even selling off parts of it (as happened at Ilford). If things get too bad, they whole lot is put up for sale (liquidation).