From their Instagram:
Dear Film Community,
It has come to our attention that discussions have started to spread across forums regarding the insolvency of Seal 1818 GmbH, FilmoTec GmbH and InovisCoat GmbH.
We would like to allay any concerns and stop any rumours.
Today, the courts have officially agreed our plans for an organised management financial restructuring, something that has been months in the planning and that we have committed a large investment to support.
We decided to do this so that we can quickly and successfully introduce new working practices, customers and products; which would have been challenging or impossible, due to legacy issues and agreements, that prevented the company from trading the way it needed to (including working with our own ORWO name and Logo, as well as releasing our full range of products under our brand).
We have recently teased the release of new film stocks and we can now confirm that our new colour cine film will be released in July, with our new black and white 100 ASA film coming before that — with shipping expected in April. More information on each of the stocks and how to pre-order will be coming very soon.
This is a brand-new and incredibly exciting chapter in ORWO’s rich history, and we are so excited to develop the company and brand that we are all so passionate about.
Welcome to the analogue revolution.
Best wishes,
The ORWO Team.
Yes, Sal, as things stand the announcement asks more questions than it answers For instance aren't there possible consequences for ADOX films and paper as well?Does anyone who knows what's happened (and can share without violating an NDA) have the real explanation?
Does anyone who knows what's happened (and can share without violating an NDA) have the real explanation?
Ah, thanks AgX I hadn't realised that Adox do not rely on InovisCoat so good news. So as users of film and paper and assuming the worst i.e. that Inoviscoat will go out of business, what products might we expect to be affected?Adox meanwhile got their own production scale emulsion-making and coating facilities.
No, the Rollei IR 400 was a conversion by Maco of a film from Agfa, which Agfa sad enough cancelled a few years ago. It was not related to Inoviscoat.Could be an issue for Rollei IR400 and likely other films.
No, the Rollei IR 400 was a conversion by Maco of a film from Agfa, which Agfa sad enough cancelled a few years ago. It was not related to Inoviscoat.
Thanks AgX and what you describe above sounds like a plan to get out of insolvency but is quite different to the announcement which sounds all "good news" and presumably contains a lot of marketing and promotional "good news " speakInsolvency just is the literal meaning: that there is no cash to pay the creditors. With creditors in the widest sense, meaning also suppliers, employees, the state etc.
In this legally regulated state the main idea is to keep assets together and find a solution for the business to keep afloat and to pay the creditors. This hardly is to achieve as otherwise already the respective investors would have come aboard before. Thus such typically ends in a small solution with a part of a business staying afloat or otherwise a complete dissolving of the business to earn money to pay the creditors.
What own capital?are now full steam ahead on releasing it on their own capital.
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