Photon Publishing has “safely exited” preliminary insolvency proceedings launched against it last week, according to a statement.
It emerged on Tuesday that the district court of Aachen had opened the proceedings against the publisher of Photon International magazine only weeks after similar proceedings began for its parent company, Photon Holding.
But in a statement Photon Publishing downplayed the gravity of court proceedings, claiming they had been instigated upon the request of a third party over claims of an outstanding payment.
Similar reasons, relating to an unpaid tax bill, were given to explain the predicament of Photon Holding earlier this month.
Photon Publishing said in a statement on Wednesday that it had “safely exited” insolvency proceedings, which have now been officially stopped.