Its large booth at the recent MEDIATECH fair in Frankfurt belied the fact that optical media test equipment maker AudioDev was in serious trouble. Last week, the Swedish company filed for bankruptcy, attributing it “to liquidity situation and the very low demand in the market.”

“The major customers of AudioDev AB have as a consequence of the global recession chosen to minimize their investments in 2009. It is likely that the investments will be limited next year as well,” says a statement on the company website.

The news came somewhat as of a surprise since only two weeks before, AudioDev announced it was considering issuing new shares. The company had implemented a cost-savings programme in order to adapt its operations to current global business trends, but admits that was not enough owing to a weak start of sales during the current year. Even though AudioDev said at the time “it continued to be confident that the Blu-ray format will show good and profitable growth, the demand for the company’s BD products is not expected to really take off until 2010.”

The company saw opportunities provided by the thin film metrology market, where manufacturers of flat panel displays, solar cells and OLED-lightening were considered as primary target groups.

The Board files for bankruptcy when the largest share holder, Briban Invest, holding 58% of the shares, declined to participate in an issue of new shares. Newly-appointed president Marianne Sernevi told One to One that the company "will continue to exist, albeit in a different form."

The bankruptcy does not include the subsidiaries in Germany, the US and the affiliated company in Hong-Kong.

Story filed 19.06.09