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© Elcoteq Electronics Production | August 31, 2011

Elcoteq subsidiaries file for bankruptcy

Elcoteq SE's three Finnish subsidiaries, <em>Elcoteq Finland Oy</em>, <em>Elcoteq Lohja Oy</em> and <em>Elcoteq Design Center Oy</em>, have today filed for bankruptcy due to lack of funding of those companies.
The parent company Elcoteq SE domiciled in Luxembourg has previously been accepted in the controlled management procedure under Luxembourg laws. As a consequence of the revolving credit facility lenders' continued enforcement actions, Elcoteq SE is no longer able to continue the funding of the Finnish subsidiaries.

Therefore, the Finnish subsidiaries are not able to carry on their operations and have been forced to file for bankruptcy. This affects approximately 100 persons in Finland. Elcoteq SE continues the controlled management process in Luxembourg and business development together with its key customers. Elcoteq employs approximately 6'800 people worldwide.

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