Oslo District Court recently decided to declare Zwipe bankrupt upon application by the company. The Board of Directors of Zwipe AS decided to file for bankruptcy in February following a thorough review of the company’s financial situation and the determination that the company is no longer able to meet its obligations towards its creditors.
Despite extensive efforts to restructure operations and secure continued business activities, it was not possible to achieve a financially sustainable solution. And, further discussions held with third parties intended to secure continued operation were unsuccessful. Finally, according to the board there was no alternative but to file for bankruptcy.
“It is with great regret that we are forced to make this decision today. We have done everything in our power to find alternative solutions to secure continued operations, but we have not succeeded. Our focus is now to ensure an orderly process for all affected parties,” says Jörgen Lantto, chairman of Zwipe AS. Against this background, Zwipe was delisted from trading on Nasdaq First North Growth Market.
