April 11, 2012

Estonia's Werol Tehased declares bankruptcy

Rapeseed oil producer Werol Tehased has been declared bankrupt by a lower-level court in Estonia on Thursday (Apr 5).

The Tartu regional court appointed Toomas Saarma trustee in bankruptcy and set the first general meeting of creditors for April 24, spokespeople for the court said.

According to Saarma's report, the book value of the company's assets is more than EUR20 million (US$26 million) and its liabilities exceed EUR22 million (US$28.9 million). The court found that the evidence collected and examined in the bankruptcy proceeding confirms the debtor's permanent insolvency.

The bankruptcy petition was filed by Kevili, a grain and rapeseed growers' cooperative, and Oilseeds Trade.

It was earlier reported that creditors Kevili, Oilseeds Trade, Baltic Agro and Letofin Trading are claiming a total of EUR3 million (US$3.9 million) from Werol Tehased.