The steel company East Metal Trade A/S in Kolding has been declared bankrupt after struggling with liquidity problems and large losses. This is reported by JV.dk.
- I joined after poor financial results in an attempt to see if we could find a way forward for East Metal. A few days ago we had to realize that we could not make ends meet and were challenged with liquidity, explains Peter Degnboel Thostrup, chairman of the board of directors of East Metal Trade A/S.
According to Thostrup, it has not been possible to raise new capital.
- We have not been able to find a solution that went far enough, admits Peter Degnboel Thostrup.
The company's financial situation has been tough over the past three years with a total loss of 86.7 million. DKK and a short-term debt of 117.1 million. In addition, the company was hit by a hacker attack and problems with the implementation of a new ERP system.
- This has seriously reduced our results, resulting in large one-time costs and reduced sales revenue, according to the management report.
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