Hat Tip: Imaging Resource
For those that aren't familiar with Metz, it's a German company that produces televisions and camera flash units. It officially declared bankruptcy in October.
The Imaging Resource and Reuters articles both describe the situation as Metz filing for insolvency. Technically, a company does not file for insolvency. Insolvency is the situation that occurs when a company is unable to meet it's financial obligations. Metz was insolvent before taking any court actions.
The more accurate description would be that Metz filed for insolvency protection.
In the United States, this requires starting bankruptcy proceedings in a court of law (also known as declaring bankruptcy.)
Yes, I know. I'm splitting hairs.
I have a legal background and enjoy writing about legal matters when they come up.
Metz is apparently pursuing a restructuring instead of ceasing to do business. This is the equivalent of filing for Chapter 11 protection in the US. This means support should still be available to those that currently own a Metz product.
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