Insolvent German news agency dapd to shed 100 jobs

AP News
Posted: Nov 12, 2012 10:11 AM

BERLIN (AP) — The insolvency administrator for German news agency dapd says the group will lay off about a third of its staff to continue its news production and become profitable again from December onward.

Wolf von der Fecht said in a statement Monday creditors accepted a restructuring plan Friday that involves streamlining the company's management and cutting about 100 of the agency's 300 jobs.

The administrator says the plan "lays the foundation for a successful restructuring of dapd's insolvent divisions, allowing us to maintain all services and most of the jobs."

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Investors established the company after buying the German language service of The Associated Press in late 2009 and merging it with the news agency ddp to form Germany's second-largest news agency. The company filed for insolvency protection early last month.