Serneke Sverige AB is filing for bankruptcy at the Gothenburg District Court, they write in a press release. The reason is that the market situation in the Swedish construction and real estate industry has been challenging for a long time, which has also affected Serneke Sverige AB. The company was acquired last year by Mutares SE & Co. KGaA with a clear plan to turn around the business and build on its position as a leading player in the construction sector in Sweden.

When Mutares took over as the new owner on November 30 last year, the financial situation of Serneke Sverige AB had deteriorated significantly. Despite efforts to reach a sustainable solution, Serneke Sverige AB has not been able to secure the significant short-term liquidity required to continue operations. The board has therefore come to the conclusion that the company must file for bankruptcy.

"Since Mutares took control of the company, the new management has worked intensively to investigate the situation in Serneke Sverige AB and find solutions to the financial problems. However, the financial situation has proven to be even more serious than was known when the company was acquired. The deteriorating situation in the company since the acquisition agreement was signed in June has had negative spillover effects throughout the business, including a lowered credit rating and stalled projects. The problems that have emerged during our investigations after we took control of the company have been so significant that we unfortunately see no other solution than to file for bankruptcy for Serneke Sverige AB," says Miikka Suominen, Chairman of the Board.

A bankruptcy trustee will be appointed by the district court. Questions about the bankruptcy and the continued process are referred to the bankruptcy trustee.

According to Doxa's Chairman of the Board, Greg Dingizian, Doxa is 'extremely marginally' affected by the bankruptcy.

"We shake our heads. We are affected only marginally and we will issue a press release about it," he tells the news agency Direkt.

In the press release published on Wednesday morning, Doxa writes:

"Doxa's exposure is limited to performance guarantees linked to certain construction projects. The company estimates that the result will be negatively affected by approximately SEK 150 million (equivalent to approximately SEK 0.12 per share)."