Defence company Summa Defence’s subsidiary Summa Energy has filed for bankruptcy with the Helsinki District Court. This is stated in a press release.
The board of Summa Energy has determined that the company’s liabilities exceed its assets and that the company is insolvent.
Summa Defence and its subsidiary Summa Holding entered corporate restructuring proceedings on 9 October. As early as June, the group announced that Summa Energy would sell its operations.
The bankruptcy filing is part of the restructuring measures presented by Summa Defence on 9 November. The measures aim, among other things, to simplify the group structure and may include a controlled winding-down of loss-making subsidiaries.
