The Return of Sipa
The Commercial Court of Paris announced on Thursday, December 6, 2012, that it will give another chance to the legendary photo agency founded by Göksin Sipahioglu. The court decided to place Sipa Press under bankruptcy protection with the task of finding one or more buyers.
In its wisdom, the court also decided to liquidate the young company, Sipa News, the result of Peter Low and Martin Vorderwülbecke’s financial elucubrations. The French Language Services (FLS), created by the Associated Press and DAPD after its takeover of French-language service of Associated Press this year, will also be liquidated. Like Corbis during the bankruptcy of Sygma, the Associated Press will now have to speak with Maître Gorris, the liquidation administrator of Sipa News and FLS.
Sipa now finds itself looking for buyers. With a turnover between 6 and 7 millions euros for sixty employees, a plan to save their jobs is necessary. They need partners not only to finance their operations, but to invest and help the agency get back its magic . Let’s not forget Mete Zihnoglu, a CEO and the “spiritual son” of Sipahioglu. This might be his opportunity.
Other players with an interest in Sipa could include Eyedea (Gamma, Rapho, Keystone), people like Jean-Michel Psaila from’Abaca, Philippe Bigard (the man who bet a million on Keystone), and François Lochon of Gamma-Rapho. There will be others, but they need to act quickly if Sipa is to be saved.