Elcoteq’s Tallinn plant seeking buyers

Despite the bankruptcy of the Luxembourg-registered and Helsinki-listed parent Elcoteq SE, Elcoteq Tallinn continues to operate while waiting to be sold to a new owner, writes news2biz.

Elcoteq SE’s creditors declined to allocate new loans in June, causing the company liquidity problems, which eventually led to the bankruptcy of Elcoteq’s three Finnish plants in August, and the parent’s bankruptcy.

In the process, several head managers have left the company during the crisis. According to Elcoteq’s lawyer in Helsinki: “Actually it is hard to determine now correctly, who is in position to give you any comments.”

Nevertheless, the future looks not so dim for the Estonian unit, after all. The CEO of Elcoteq Tallinn Jan Kotka says that the unit is profitable, continues to work and fulfill the customers’ orders while waiting to be sold as an asset by Elcoteq SE’s receivers.

Read more from BBN

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

%d bloggers like this: