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BRIEF-Panostaja: Takoma and Takoma Gears decide to file for bankruptcy
March 20, 2017 / 9:58 AM / in 4 months

BRIEF-Panostaja: Takoma and Takoma Gears decide to file for bankruptcy

1 Min Read

March 20 (Reuters) - Panostaja Oyj:

* Boards of Panostaja subsidiary Takoma Oyj and Takoma Gears Oy decide to file for bankruptcy

* Group has made heavy losses due to sharp decline of offshore and marine industry, which has diminished group's solvency and liquidity

* Together with Panostaja, Takoma has implemented significant functional changes aimed at adapting the operations to the prevalent demand and making them profitable once more

* However, efforts to improve sales efficiency and acquire new customers have failed to increase business volume, and demand for Takoma products on market has been insufficient

* Takoma is currently unable to implement its reorganization program and continue its operations without significant additional financing

* Panostaja will record an estimated loss of 2.5 million euros ($2.7 million) in group's Q2 profit/loss

Source text for Eikon:

Further company coverage: ($1 = 0.9296 euros) (Gdynia Newsroom)

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