Qobuz files for 'protection proceedings' in France and seeks extra funding

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Qobuz, the French high-resolution music streaming and download service, has placed itself in "La procédure de sauvegarde" which roughly translated means 'protection proceedings' under French law.

In a statement the company says the procedure is intended to give it time to "catch its breath" over the next few months while it undergoes restructuring and attempts to improve its cash flow. "Like all start-ups, Qobuz is constantly looking for new funds," the company says.

In France a company in "la procédure de sauvegarde" is still considered to be solvent and continues to trade normally, providing its services and paying its bills.

To date Qobuz has around 25,000 subscribers and revenues of €9m (£7m).

Andy Clough
Andy Clough

Andy is Global Brand Director of What Hi-Fi? and has been a technology journalist for 30 years. During that time he has covered everything from VHS and Betamax, MiniDisc and DCC to CDi, Laserdisc and 3D TV, and any number of other formats that have come and gone. He loves nothing better than a good old format war. Andy edited several hi-fi and home cinema magazines before relaunching whathifi.com in 2008 and helping turn it into the global success it is today. When not listening to music or watching TV, he spends far too much of his time reading about cars he can't afford to buy.