Leica in Financial Trouble

PhotographyBLOG have news that Leica are having financial problems. Initially reported on Spiegel Online, Leica's press release reads as follows:

"Following the ad hoc announcement of Leica Camera AG, Solms, of February 17, 2005, stating that the Company expects a loss of half of its registered share capital in March 2005, the banks have partially terminated their credit lines. The remaining lines still cover the current liquidity requirements. The Company’s Board of Management has entered into negotiations with the banks on a solution that will carry the Company until the time of its Extraordinary General Meeting on May 31, 2005, at which capital measures are to be proposed to the shareholders."