AgfaPhoto GmbH May Be Out of Business by End of Year

AgfaPhoto GmbH says it likely will be out of business by the end of the year after it failed to find a buyer interested in acquiring it, the Financial Times Deutschland is reporting. In recent weeks, the company had been in talks with Britain's Photo-Me International PLC about a possible takeover, but spokesman Thomas Schulz said those talks were halted after creditors rejected the offer.

The Germany-based photographic film company filed for bankruptcy protection in May amid declining sales and competition from digital cameras. To ensure continuity of its business operations during restructuring, it had secured interim financial support from the Agfa-Gevaert Group, its former parent company.

In June, the North American operating unit of AgfaPhoto reported that its financial position and business operations are unaffected by the insolvency filing of AgfaPhoto GmbH. AgfaPhoto North America is a separate legal entity from AgfaPhoto GmbH.

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