Sipa Wins Reprieve to Find New Owner
A French court has decided to put Sipa Press under bankruptcy protection while the photo agency searches for a new owner, according to a report today in Le Journal de la Photographie.
Sipa Press, which was founded in 1973 and has been the French distributor for AP, Rex Features and other international agencies, faced the possibility of a court order to liquidate its assets after it declared bankruptcy in late November. The legendary photo agency was forced to file bankruptcy after its parent company–DAPD, a German media company–ran out of money and declared bankruptcy on October 2 in Berlin.
Two other French-based subsidiaries of DAPD that declared bankruptcy with Sipa Press have been forced to liquidate, Le Journal de la Photographie reports. More details are available on their web site.