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DAPD Group – Six Companies Face Bankruptcy

Update: 5 October
In addition to the press release of 2 October 2012 shares the dapd media holding with AG: Not affected by the preliminary insolvency proceedings are 18 subsidiaries, particularly from the business divisions photo (ddp images, Picture Press, SIPA USA), automotive and web content (Airmotion, News Right Management), Public Relations ( ddp direct) and entertainment news (news spot on). In addition, the entire French news agency SIPA News Group is not involved.
The DAPD news agency will continue its news production as usual.

Updated: Oct 2 14:00 NOTE: ddpimages Picturepress and SIPA USA are not affected by these proceedings

Breaking…. Oct 2

Berlin based news agency DAPD has filed for insolvency. The bankruptcy is due to be announced on the 4 October and affects six companies within the group including the dfd Foto Service GmbH and dapd video GmbH. From a conversation had this evening with a contact at DAPD we believe this may be a restructuring effort by DAPD but other sources suggest investors are looking to pull out.

DAPD bought the Sipa photo agency in July 2011

DAPD say – translated via google:
Berlin DAPD news agency DAPD news and report on self-administered insolvency
Second October 2012. The news DAPD news agency DAPD today and the insolvency proceedings have set in motion self-administration. Another six companies of the DAPD news agency area are fourth on October
follow. At the proposal of the shareholder was Dr. Wolf von der Fecht, partner of the Düsseldorf law firm Metzeler of the fencing, appointed sole manager of the insolvent or threatened with insolvency companies. The attorney will review the end of November, in any form for the companies, there is a going concern perspective.

The dapd media holding AG is pleased that with Lord of the fencing is an experienced professional working for company rescue. The CEO of dapd media holding AG, Dr. Martin Vorderwülbecke is the work of the new support for managing personnel. Vorderwülbecke: “The new bankruptcy law provides opportunities we collectively are able to find for the company and its employees sustainable solutions.”

Also during the preliminary insolvency proceedings, the companies will DAPD news production as usual to continue. Customers will receive the usual service to the same extent and the usual quality. Of the procedure only the eight companies of Berlin DAPD group are affected. A further 18 companies, and the dapd media holding AG are unaffected.

Check back with PAN on the 4th October for more…