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Author Topic: Ilford: clock is running out  (Read 2474 times)
francois
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« on: July 11, 2013, 06:00:13 AM »
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This is a follow-up post to Ilford Imaging financial struggle.

Ilford has now less than four weeks (mid-August) to find a company to bail them out.

Here's the Google translated article: here  and the original french article: here.
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Francois
Mark D Segal
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« Reply #1 on: July 11, 2013, 08:12:05 AM »
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Let's hope they manage. It would be unfortunate to see them disappear.
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Mark D Segal (formerly MarkDS)
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Eric Myrvaagnes
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« Reply #2 on: July 11, 2013, 08:33:47 AM »
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I agree. It's very sad.
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francois
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« Reply #3 on: July 11, 2013, 08:35:42 AM »
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Let's hope they manage. It would be unfortunate to see them disappear.

Me too! Unions are very pessimistic about finding a good Samaritan in such a short time… If bankruptcy is declared by a local judge then they can seek a stay that would give them additional time. Fingers crossed!
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Francois
Mark D Segal
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« Reply #4 on: July 11, 2013, 08:39:28 AM »
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Under Swiss law, do they need to apply for bankruptcy protection before a judge would grant it? If so, have they done so? It would seem a logical step, unless they are under negotiations with some group now that could make it preferable to remain non-bankrupt pending any outcome.
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Mark D Segal (formerly MarkDS)
Author: "Scanning Workflows with SilverFast 8....." http://www.luminous-landscape.com/reviews/film/scanning_workflows_with_silverfast_8.shtml
francois
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« Reply #5 on: July 11, 2013, 08:54:47 AM »
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Under Swiss law, do they need to apply for bankruptcy protection before a judge would grant it? If so, have they done so? It would seem a logical step, unless they are under negotiations with some group now that could make it preferable to remain non-bankrupt pending any outcome.

Mark,
I'm not a lawyer and the last time I sat at the Law dept. was almost 30 years ago and laws might have changed.

The official name in french is Sursis concordataire. You can read a bit more here.

Edit: in german the name is Nachlassstundung.
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Francois
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« Reply #6 on: July 11, 2013, 09:01:10 AM »
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Francois, based on the information in the link you provided, this "sursis" is akin to a receivership. It is the stage before bankruptcy. I wonder whether they have engaged this procedure yet.
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Mark D Segal (formerly MarkDS)
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francois
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« Reply #7 on: July 11, 2013, 10:14:44 AM »
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Francois, based on the information in the link you provided, this "sursis" is akin to a receivership. It is the stage before bankruptcy. I wonder whether they have engaged this procedure yet.

No, this procedure hasn't been engaged yet. They must wait until mid-August, then it's either bankruptcy or sursis. When a company is engaged in such a procedure, it must be mentioned in the official commerce registry. As of today, no mention of sursis.

If I remember correctly, the aim of sursis is to pay creditors (partially or fully) and/or try to have some depts dropped or reduced.
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Francois
Mark D Segal
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« Reply #8 on: July 11, 2013, 10:23:05 AM »
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...........

If I remember correctly, the aim of sursis is to pay creditors (partially or fully) and/or try to have some depts dropped or reduced.

Yes, in general a "work-out" to try to get them back up and running so that bankruptcy protection can be avoided. Actually, in this case a period of "sursis" could be good news, because it means there could be some hope.
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Mark D Segal (formerly MarkDS)
Author: "Scanning Workflows with SilverFast 8....." http://www.luminous-landscape.com/reviews/film/scanning_workflows_with_silverfast_8.shtml
francois
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« Reply #9 on: July 11, 2013, 10:38:03 AM »
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Yes, in general a "work-out" to try to get them back up and running so that bankruptcy protection can be avoided. Actually, in this case a period of "sursis" could be good news, because it means there could be some hope.

I just checked and the current law about protection is much more complex than before. But the only interesting part is that a sursis if accepted will give a company between four and six months of "fresh air".
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Francois
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« Reply #10 on: July 11, 2013, 10:45:15 AM »
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Do you know whether they are still producing and/or shipping paper?
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Mark D Segal (formerly MarkDS)
Author: "Scanning Workflows with SilverFast 8....." http://www.luminous-landscape.com/reviews/film/scanning_workflows_with_silverfast_8.shtml
francois
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« Reply #11 on: July 11, 2013, 10:51:35 AM »
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Do you know whether they are still producing and/or shipping paper?

Last week, I read that employees were still at work in the factory but news are sparse.
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Francois
aaronchan
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« Reply #12 on: July 11, 2013, 12:14:17 PM »
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dang!
few of my clients use this paper exclusively.
i think i better pay more attention on this news because if they were down,
i better stock them up right away
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Mark D Segal
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« Reply #13 on: July 11, 2013, 12:25:04 PM »
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Which specific paper are you referring to? If Gold Fibre Silk, Canson Baryta Photographique is virtually identical, so equivalent product will likely be available; however, based on previous pricing experience here in Toronto, Ilford has been the competition keeping the prices for both *quite reasonable*. Without them, I expect the Canson product to become costlier.
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Mark D Segal (formerly MarkDS)
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OliverS
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« Reply #14 on: July 12, 2013, 01:33:22 AM »
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They are still working, and letīs see what the law will say - if they are worth to go on or not.

Canson is near by the Ilford products, but there are some more very similar products in Germany.

But before we swing out, letīs see what happens with the Ilford production.

regards
Oliver
« Last Edit: July 12, 2013, 02:10:26 AM by OliverS » Logged
shadowblade
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« Reply #15 on: July 12, 2013, 01:38:01 AM »
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The demise of Ilford doesn't necessarily mean the demise of Ilford paper. The patents, paper mills and trademarks all have significant value, and whoever ends up with them is likely to keep producing them.
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OliverS
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« Reply #16 on: July 12, 2013, 01:46:37 AM »
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Correct, but you know that the ground and the buildings are not owend by the Ilford Imaging Switzerland GmbH?
The buildings and the ground are in other hands (Ilford AG ?) after the last financial struggle some years ago.
The Ilford production is just a tenant afaik.
Letīs see what happend.
« Last Edit: July 12, 2013, 01:49:19 AM by OliverS » Logged
shadowblade
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« Reply #17 on: July 12, 2013, 02:21:57 AM »
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Correct, but you know that the ground and the buildings are not owend by the Ilford Imaging Switzerland GmbH?
The buildings and the ground are in other hands (Ilford AG ?) after the last financial struggle some years ago.
The Ilford production is just a tenant afaik.
Letīs see what happend.


Didn't know that...

I guess they'll probably outsource production to China and sell the product to gullible chumps for a few years, before tests reveal that poor-quality, acidic wood pulp is being passed off as '100% acid-free cotton rag', along with a slew of problems with inconsistent quality control, bubbled or flaking coatings and fast-fading prints. Then they'll either fold, or just become another brand of cheap office paper.
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francois
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« Reply #18 on: July 12, 2013, 02:36:57 AM »
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Correct, but you know that the ground and the buildings are not owend by the Ilford Imaging Switzerland GmbH?
The buildings and the ground are in other hands (Ilford AG ?) after the last financial struggle some years ago.
…

Indeed, here's the list of Ilford companies:
http://zefix.ch/zfx-cgi/hrform.cgi/hraPage?alle_eintr=on&pers_sort=original&pers_num=0&language=4&col_width=366&amt=007
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Francois
OliverS
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« Reply #19 on: July 12, 2013, 04:49:06 AM »
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Yes, and the Head - Ilford Group AG - was the company who bought Tecco and the other colormanagement companies some weeks ago.
The fincanial truble is only for the production part in Marly - one part of the Ilford AG, named Ilford Imaging Switzerland GmbH.
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