Indo files Chapter 11

Indo, a Barcelona-based supplier of optical lenses, frames and equipment, has voluntarily filed Chapter 11 but is insisting that it is business as usual for its suppliers around the world.

Indo chairman Juan Casaponsa is reported to have said the mixture of an ambitious transformation process, the credit crunch and delays to sell-offs had taken their toll but the necessary restructuring would be carried out.

A spokesperson for Indo said: 'Having met most of the fundamentals of Indo's transformation, the circumstances of the economic, financial and consumer slowdown as well as the delay to fulfil the forecasted divestitures, have forced Indo to voluntarily file Chapter 11.