Phoenix Biopower applies for bankruptcy
The board made the decision at today's meeting due to the interrupted emission. The company cannot pay its debts. The application was submitted to the district court.
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Developer of biomass-to-energy power plants
phoenixbiopower.comLast updated
In short: Phoenix Biopower filed for bankruptcy after failing to reach the minimum target for its rescue share issue, leaving it unable to pay its debts.
The board made the decision at today's meeting due to the interrupted emission. The company cannot pay its debts. The application was submitted to the district court.
The issue did not reach the minimum target of 3.5 MSEK but stopped at under 2.4 MSEK. Deposited funds will be refunded. The company's survival is threatened; the board is investigating alternatives.
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