AgfaPhoto, based in Leverkusen, Germany, has completed the first stage of insolvency proceedings, initiated in a Cologne district court in late May. Under a plan of reorganization, comparable to a Chapter 11 reorganization in the United States, AgfaPhoto has begun restructuring its operations and finances with the intention of emerging from insolvency by October or November. As part of the reorganization, staff will be reduced at the German headquarters and production facilities.
A court-appointed administrator has determined that AgfaPhoto will be a viable company, capable of succeeding in the marketplace, once it has reorganized.