Scandinavia’s leading leisure boats manufacturer Nimbus Boats has applied for bankruptcy according to a press release. The companies affected are Nimbus Boats Holding, Nimbus Boats, Storebro Bruks, Ryds Båtindustri and Nimbus Produktion i Mariestad while Nimbus Boats Stockholm and NIMAX Marina are not affected by the application. The main lender of the company cancelled the credit line on Sunday and the Board of Directors has decided that it is not possible to continue going concern in the current environment.
Nimbus has recently adjusted production and cost base but it wasn’t enough to match rapid demand decline. Losses in the last three years amount to 400 million kronor and the amount in the past five is perhaps as much as 650 million. The company is majority owned by The Altor funds since 2006. The company had been looking to find other investors. Both Altor and minority owner Hans Mellström’s Viamare have been forced to pour more money into the firm. Around 200 people are at risk of losing their jobs.
No comments:
Post a Comment