Brief: Panostaja: Takoma and Takoma Gears decide to file for bankruptcy

Panostaja Oyj

20/03/2017 09:50

March 20 (Reuters) - Panostaja Oyj  PNA1V.HE : 
    * Boards of Panostaja subsidiary Takoma Oyj and Takoma Gears Oy decide to file for 
bankruptcy 
    * Group has made heavy losses due to sharp decline of offshore and marine industry, which 
has diminished group's solvency and liquidity 
    * Together with Panostaja, Takoma  TAM1V.HE  has implemented significant functional changes 
aimed at adapting the operations to the prevalent demand and making them profitable once more 
    * However, efforts to improve sales efficiency and acquire new customers have failed to 
increase business volume, and demand for Takoma products on market has been insufficient 
    * Takoma is currently unable to implement its reorganization program and continue its 
operations without significant additional financing 
    * Panostaja will record an estimated loss of 2.5 million euros ($2.7 million) in group's Q2 
profit/loss 
 
     
Source text for Eikon:  ID:nHSU6PK7  
     
Further company coverage:  PNA1V.HE  
 
($1 = 0.9296 euros) 
 
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