BERLIN â€” German printing machine maker Manroland AG has applied for bankruptcy protection from creditors after negotiations with a potential investor failed.
The company said it filed the application to initiate insolvency proceedings with the district court in Augsburg on Friday. It said that it â€œaims to rescue key units within the framework of ongoing restructuring efforts.â€
Manroland said the decision followed a dramatic and accelerating decline in new orders, even as competition intensifies.
Manroland, Germanyâ€™s third-biggest printing machine maker, has some 6,500 employees â€” 5,000 of them in Germany. It reported an operating loss of â‚¬25 million ($33.9 million) in the first half of this year.
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