German publishing group Weltbild, part-owned by Catholic dioceses, files for insolvency

BERLIN – German publishing group Weltbild GmbH, whose owners include 12 Roman Catholic dioceses, has filed for insolvency amid declining sales.

Weltbild said it applied for insolvency at a court in Augsburg on Friday. The company has more than 6,000 employees in total though not all of its activities are covered by the application.

It says the application came after sales declined in the July-December period, and lower revenue expected over the next three years meant the amount of money needed to right the company’s finances was double what was originally anticipated.

Weltbild says it emerged Thursday that “contrary to the management’s expectations … the necessary financing will not be available.” It plans to continue operations under an insolvency administrator.