BERLIN, Oct. 2 (Xinhua) -- German second largest news agency DAPD said in a statement on Tuesday that it had filed for bankruptcy.
Insolvency proceeding request of the Berlin-based news agency had been agreed by District Court of Berlin-Charlottenburg. The bankruptcy will affect 299 employees. The news agency's holding company DAPD Media and its another 18 companies will not be affected.
Dr. Wolf von der Fecht, a partner of Dusseldorf law firm Metzeler had been appointed as the insolvency administrator to assess DAPD news agency's prospect until end of November.
During its insolvency proceeding, the news agency will "continue its news production as usual, customers will receive service with the same quantity and quality", said the statement.
DAPD Media's CEO Dr. Martin Vorderwulbecke said in the statement that the insolvency law "will provide opportunities for us to find sustainable solutions for the company and its employees."
DAPD news agency was founded in September 2010 after a merge of former West Germany news agency DDP and the German branch of American news agency Associated Press. In Germany, it is the second largest news agency after the national Deutsche Presse Agentur (DPA).
DAPD news agency's bankruptcy came as a surprise as it declared an expansion last year, bought French photo agency Sipa Press in July 2011 and started a sports service a month later. In January 2012, DAPD announced to open a news service in France, with a purchase of AP's French service.