The RCFF company that organizes the actor Antti Luusuaniemi’s Red Carpet film festival has applied for corporate reorganization

Domestic the Red Carpet film festival celebrating the film has applied for corporate restructuring. RCFF Elokuvafestivali Oy, which organizes the festival, has submitted an application for restructuring proceedings to the Helsinki District Court on Friday, November 22.

In 2024, the company will have employed an average of eight people. The company’s only actual board member is an actor Antti Luusuaniemi. Lusuaniemi’s ex-spouse Lili Érmezei-Luusuaniemi is a deputy member of the company’s board.

Luusuaniemi told about the couple’s separation in her Instagram update on Tuesday, November 26. There has been news about it, for example Evening newspaper.

The Red Carpet film festival has been organized in Hyvinkää since 2017. In the festival’s founding year, Luusuaniemi told Helsingin Sanomat in the interviewthat he wanted an event where filmmakers can come into the same space and genuinely meet each other.

To the district court according to the filed reorganization procedure application, the company has run into financial difficulties due to the financial challenges following the coronavirus pandemic and the subsequent recession that overshadowed partner sales.

According to the company, the debt is mainly due to post-coronavirus losses.

RCFF’s operation has been profitable even in 2020 and 2021. The operation became unprofitable in 2022 and 2023. In 2023, the company made a loss of approximately 368,000 euros.

The result of the 2024 interim financial statements was EUR 321,000 in loss.

According to the corporate restructuring application, based on the company’s forecasts for the end of the year, the result of the last two months of the current year’s financial period would turn out to be approximately EUR 5,000 in profit.

In renovation the company aims to reduce and repay debts in order to avoid bankruptcy. The total amount of the company’s short-term liabilities is approximately EUR 568,000.

According to the corporate reorganization application submitted to the district court, the company lists the performed and planned recovery measures as, among other things, the simplification of the festival and the development of several new business branches, with the help of which fixed costs could be distributed to different parties. According to the company, in the past fixed costs have rested only on the festival.

According to the company, the result is expected to improve during the year 2025 with the rehabilitation measures implemented.