Ilmarinen Mutual Pension Insurance Company the event organizer files for bankruptcy Rush Factoryä and its subsidiary from Funrun Finland Oy due to unpaid TyEL insurance premiums.
For Rush Factory, the unpaid amount is 29,998.60 euros and for Funrun Finland, 17,068.72 euros.
Trading has been suspended for Rush Factory shares.
Kauppalehti’s analyst Ari Rajala says frankly that the bankruptcy application did not come as a surprise. Rush Factory published its January-June numbers only the other day (September 30). The numbers were harsh to read.
“The company’s equity was almost one million euros in the red. It had 3.2 million euros in short-term debt and only 0.9 million euros in short-term receivables. So there was a short-term funding shortfall of more than two million euros,” says Rajala and adds that the 1.1 million euros in advances paid by customers do not cover the huge shortfall.
The merger requires the sale of the property
Rajala also draws attention to the fact that the company’s EBITDA for half of the year was minus 0.2 million euros, which means that operating expenses exceed operating income.
The company is currently negotiating the sale of the property it owns in Masku, which would allow the insurance company to offset the outstanding payments. The sale of the property for at least 750,000 euros is also one of the conditions for the previously announced merger of the Street Food Group with.