Business Bankruptcies October List
- Mastering Houses AS, a company operating a factory in fyresdal and a warehouse/governance office in Drammen, norway, has filed for bankruptcy.
- Board member Knut Halvard Austad confirmed that Mastering houses employs nine individuals, split between the Fyresdal production facility and the Drammen location.
- The company is currently seeking tenders to address a debt of NOK 12 million.
Fyresdal-Based Mastering Houses Files for Bankruptcy with NOK 12 Million in Debt
Table of Contents
Published November 2, 2023, at 05:11 AM PST
Company Overview and Recent Performance
Mastering Houses AS, a company operating a factory in fyresdal and a warehouse/governance office in Drammen, norway, has filed for bankruptcy. Despite a turnover of NOK 22.6 million in the last fiscal year, the company experienced a deficit, leading the board to initiate bankruptcy proceedings. According to information provided by Bratsberg, the company has requested tenders for it’s outstanding debt.
Board member Knut Halvard Austad confirmed that Mastering houses employs nine individuals, split between the Fyresdal production facility and the Drammen location.
Financial Details and Debt
The company is currently seeking tenders to address a debt of NOK 12 million. This suggests a critically important financial strain despite recent turnover figures. The decline in turnover in recent years likely contributed to the current situation.
Broader Bankruptcy Trends in Telemark
Mastering Houses AS is one of 17 companies in Telemark that declared bankruptcy in October 2023, according to data from Brøynnøysund registers.This indicates a potentially wider economic downturn or specific challenges facing businesses in the region.
Here’s a list of other bankruptcies in Telemark this month (source: Brøynnøysund registers):
- [Further details on other bankruptcies woudl be listed here if available]