Former flagship of Estonian food industry declared bankrupt

Luterma, the holding company of businessman Oliver Kruuda that only a year ago owned Kalev confectionery industry and Estonia’s largest dairy Tere, was ruled bankrupt by Harju county court yesterday, writes Äripäev.

Kalev no longer belongs to Luterma after Kruuda sold it to Norway’s Orkla last year that paid EUR 33 million for the company.

There is also a big questionmark above Tere since its shares have been moved into a bank account of Nordea Pank. Kruuda himself claims it was a move to protect the company from creditors.

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