Electronics Production | September 30, 2008
Propartner files for bankruptcy
Norwegian EMS-provider Propartner - based in Høgås - has filed for bankruptcy.
Hans Arne Flåto, CEO of GBS Group, how -earlier this year - bought Propartner, said last night that business operations will continue as normal and that he hoped to reach a solution. He hopes that the current owners would be able to buy back the company and thus continue its business activities. Hans Arne Flåto continued in saying that GBS Group tried to refinance the company for several months, but without success. "Revenues have not been proportionate to the expenditure. We have simply failed to keep our commitments and, therefore, the Board decided to go to the district court and file for bankruptcy." "It is very unfortunate, but we hope - as said before - that we can come to a solution that also allows the employees to keep their jobs, "says Hans Arne Flåto.