Former Kalev Meedia bankrupt

Via Concept (former Kalev Meedia), a subsidiary of AS Luterma (former AS Kalev) filed a bankruptcy application to the Harju County Court, the company announced on Tallinn Stock Exchange.

The bankruptcy application is caused by permanent insolvency. The reason behind it is fallen advertisement market in 2008 and the company also couldn’t get additional finances from credit institutions.

Harju County Court will make a decision on bankruptcy process within 10 days.

Source: BBN

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