A statement issued by the digital press supplier said its French subsidiary had also entered into a receivership proceeding under French legislation.

Xeikon intends to continue to manufacture, market and distribute its products during the legal proceedings. It had been working towards a private placement announced on 18 June, but talks with interested parties had "not progressed sufficiently to allow near term closing," it said.

Xeikon said that the requests, when approved by the courts, would enable it to prepare a restructuring plan while temporarily being relieved from its obligation to service existing debts.