Ilford Imaging Switzerland, which makes Galerie-branded photographic inkjet paper, is in urgent talks with its bank as the company admits it can no longer honour all its financial obligations.
The company has released a statement to Amateur Photographer amid online reports that it is on the verge of bankruptcy.
Ilford Imaging Switzerland, which makes ‘Galerie’ photo inkjet paper, is totally separate from Ilford Photo which is based in the UK and is unaffected (Ilford Photo is the trading name of Cheshire-based Harman Technology which makes traditional b&w photographic papers and film).
A court hearing on the future of Ilford Imaging Switzerland is set to take place in mid-August.
In a statement, dated 3 July, the company said: ‘The judge has requested further information from the company which needs to be submitted to the court by the end of July.
‘In the meantime, the managing directors of the company are continuing to work with its bank to explore all possible avenues for short and long-term investment.’
In an earlier statement, the firm said it has ‘a liquidity issue and is no longer able to honour its full financial obligations’.
The company said its problems do not affect other parts of its parent company, Ilford Group AG.
In 2010, UK-based investment company, Paradigm Global Partners, acquired Ilford Imaging Switzerland for an undisclosed sum from Oji Paper, a firm located in Tokyo, Japan.
In April this year, the Ilford Group entered a strategic alliance with German-based paper supplier Tecco, in a move the businesses hope will give their brands a competitive edge in the face of ‘challenging market conditions’.