The district court confirmed the company’s restructuring program on Tuesday.
District Court has confirmed the restructuring program of bag manufacturer Golla. Golla ran into payment difficulties quickly after the outbreak of the coronavirus crisis last spring and applied for corporate restructuring.
“It so happened that the corona became an insurmountable obstacle for us. Foreign customers failed to pay their bills, and such a specialty store ended up like a wall, ”the company’s CEO Petri Kähkönen said at the time.
According to Kähkönen, among other things, Japanese customers canceled their orders.
When According to Kähkönen, the number of air passengers has decreased due to the coronavirus, and there have been no sales in those airport stores that have sold Finnish company products. It will inevitably show up in the company’s payment transactions.
The company, known for its mobile phone and computer bags, suffered from profitability problems even before the epidemic. In the financial year ended December 2018, Golla’s net sales were EUR 1.2 million, and the result showed a loss of almost the same amount, EUR 1.14 million.
In corporate restructuring, creditors’ claims are usually cut and a payment schedule is drawn up for the remaining debts. A company undergoing reorganization can file for bankruptcy if it fails to meet its debts.