Posts Tagged ‘bankruptcy’

  • Lüscher declares bankruptcy

    Lüscher is facing the prospect of shutting down its Computer-to-Plate equipment manufacturing operations for good after applying for bankruptcy and becoming insolvent this week.

    The Swiss CtP manufacturer announced it had applied for bankruptcy on 22 April after finding itself in a tenuous financial position thanks in part to a cautious global market within the sector.

    In a statement, the company said the move to apply for bankruptcy was a result of several factors, including:

    The consequences of the massive downturn in the printing industry in the wake of the financial crisis, which among others has not spared big industry leaders such as Kodak and manroland, the continued downturn of printing coupled with an expensive Swiss francs and in the last nine months and, in addition, a substantial drop in orders taken to prevent a continuation of the company’s activities.”

    Sources say that Lüscher had been working with its bank, development partners and investors in new, business opportunities, but given the market climate the company says that its financial situation could not be stabilized.

    Although the company’s future looks grim following its insolvency, sources indicate that Lüscher hopes to continue operations in parts of the company along with maintaining some of its jobs with the help of strategic partners – as was the case when Kodak declared Chapter 11 bankruptcy in the US.

    Up until a few years ago, Lüscher’s CtP equipment products were distributed locally by Ferag Australia. The company now lists Swisstech Graphic Services as its Australian distribution partner.