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"These figures are horrifying in terms of the damage that has been done to an already struggling sector," he said.
MBi's lawyer said MBi was "offering a boon for a struggling sector" and that the company "has put in place and adheres to the highest standards of governance".
One of the mainstays of the women's monthly magazine market, IPC's Marie Claire, has been hit with double digit year on year and period on period decline in a struggling sector.
Taiwan made an effort to help its DRAM chip makers in February 2009, when it said it would allocate up to 70 billion Taiwan dollars, or $2.2 billion, to bail out the struggling sector.
The feedback I am getting is that the US and many other international investors, far from parachuting in aid to a struggling sector, will now be actively seeking to fill the perceived vacuum left by any reduction in EU funding.
The package could be worth about £50m a year for the struggling sector.
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Europe's sluggish economy continues to put off potential acquisitions, particularly in struggling sectors like real estate and retail.
Policy may be designed to support or restructure old, struggling sectors, such as steel or textiles, or to try to construct new industries, such as robotics or nanotechnology.
At the same time there are concerns about their exposure to struggling sectors of the economy such as oil and gas companies.
This is an ineffectual ploy that would shower federal money on those few firms that would be hiring anyway while doing nothing for companies in struggling sectors.
When that assistance was announced Hockey questioned why the car industry qualified for assistance when other struggling sectors, such as tourism, did not.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com