Heliospectra AB (publ) files for bankruptcy

Heliospectra has, for an extended period, worked intensively to secure the financing required for the Company’s continued operations. These efforts have included discussions with potential investors and the evaluation of various financing and restructuring alternatives.

Despite extensive and prolonged efforts, the Company has been unable to complete a financing solution within the time required to meet its financial obligations.

The Company’s principal shareholders had previously communicated that they were not prepared to participate in a further financing round on the basis proposed, and Weland Stål AB had informed the Company that it did not intend to continue financing Heliospectra as the sole investor. As no broader financing solution could be secured and no new investor was able to step in within the available timeframe, the Board of Directors concluded that the Company was no longer able to meet its payment obligations.

Against this background, the Board of Directors has determined that there is no realistic possibility of continuing the Company’s operations and has therefore resolved to file for bankruptcy.

“This is an extremely difficult decision. The Board of Directors and management have worked intensively for an extended period to identify a long-term, sustainable financing solution and have evaluated several possible alternatives. Despite these efforts, we have been unable to secure the required capital within the time available. The Board of Directors has therefore concluded that filing for bankruptcy is the only remaining option,” says Andreas Gunnarsson, Chairman of the Board of Heliospectra.

Further information will be provided once the Gothenburg District Court has issued its decision regarding the bankruptcy petition.