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."
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.