Insolvency - bankruptcy - under administration
These terms should not be mixed up. In case of Ilford the 40 Mio Pounds of debits have no more been secured by the main shareholders. This is why Ilford had to file for insolvency. As a result they have been put under administration of the accountancy firm Grant Thornton. G.T. will try to reorganize Ilford and first split it into two businesses - digital and analog. The analog division has already been reduced to about half their staff, which is one of the corrections in cost structure G.T. is executing in order to make the remaining organization more attractive for potential buyers.
In clear text this means that G.T. is deciding which business will remain active (in this case the digital unit) and which business is facing a possible shut down or sale (in this case analog). The future of the B&W products depends on whether a buyer will be found or not. Ilford took the risk to let it die!
Bankruptcy would mean that there is no chance to keep it running in any circumstances.
We all hope that Ilford will continue it's B&W product line, but it clearly depends on whether a new buyer will be found or not. Even the management of Ilford has no more influence on that except the possibility of offering a management buy-out like it happened with Agfa Imaging.
Michael
These terms should not be mixed up. In case of Ilford the 40 Mio Pounds of debits have no more been secured by the main shareholders. This is why Ilford had to file for insolvency. As a result they have been put under administration of the accountancy firm Grant Thornton. G.T. will try to reorganize Ilford and first split it into two businesses - digital and analog. The analog division has already been reduced to about half their staff, which is one of the corrections in cost structure G.T. is executing in order to make the remaining organization more attractive for potential buyers.
In clear text this means that G.T. is deciding which business will remain active (in this case the digital unit) and which business is facing a possible shut down or sale (in this case analog). The future of the B&W products depends on whether a buyer will be found or not. Ilford took the risk to let it die!
Bankruptcy would mean that there is no chance to keep it running in any circumstances.
We all hope that Ilford will continue it's B&W product line, but it clearly depends on whether a new buyer will be found or not. Even the management of Ilford has no more influence on that except the possibility of offering a management buy-out like it happened with Agfa Imaging.
Michael
