Bergen Group’s two subsidiaries file for bankruptcy

Bergen Group’s two subsidiaries, Bergen Group Fosen AS, and Bergen Group BMV AS, have filed for bankruptcy.

In its filing to Oslo stock exchange, Begen Group on Friday informed that the petition was filed with Nordhordland Tingrett, a district court serving Nordhordlan, Midhordland, and Gulen, in Norway.

Neither of the two companies from Bergen Group’s former shipbuilding division has any operational activity or employees, as their assets were transferred to Noryards AS in 2013, a company which Bergen Group sold to Calexco S.a.r.l. in August 2014.

Bergen Group says that, after the asset sale to Noryards AS, the two companies have partially repaid certain obligations over the last two years. However, Bergen Group said that the board of directors in the two companies concluded that they would not be able to fulfil the remaining obligations due to estimated lack of cash.

Related to this story, Noryards AS’s subsidiary Noryards Fosen on Thursday filed for bankruptcy as it couldn’t financially recover upon receiving an order cancellation from Boa IMR AS for a light construction / IMR vessel.

Also, Bergen Group’s wholly owned subsidiary, Bergen Group Skarveland, filed for bankruptcy in September, citing lack of new orders and failing results. The company’s business has been related to pipe installations towards the building of ships and deliveries for the offshore and onshore industry.

Bergen Group in August appointed a new CEO for a period until July 1, 2016, to lead the Group through a restructuring phase. The man named to the position was Hans Petter Eikeland, for his experience in restructuring the development of industrial companies. He first joined Bergen Group in May as a Chief Operating Officer (COO) to help in selling rig service business. In May, Bergen Group sold its rig services arm, and the real estate at Hanøytangen, to Semco Maritime AS and Hellik Teigen AS respectively.

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