Friday, April 19, 2024

Danish car company goes bankrupt after million loss

The Danish spare parts company Powermax, located in Bramming, has gone bankrupt after several years with losses in the millions. The equity is also gone.

The car industry has become a poorer company after Danish Powermax was declared bankrupt this week at the end of March at the Bankruptcy Court in Esbjerg.

This appears from the Statstidende and the CVR register.

In a comment to Jydskevestkysten , managing director of Powermax, Jens Lindholm, says that the company, which was founded in 2011, never managed to recover from the corona pandemic.

The last three annual accounts reveal that Powermax has long been short of deficits in the millions. Just as equity has long gone into disarray.

READ ALSO: Norway bans all new diesel and petrol cars on 1 January

For example, the company left 2023 with a deficit of 13 million kroner and an equity with a minus of just over 3 million kroner.

The company from Bramming made a living, among other things, by selling auto-electric spare parts to the car industry.

From the company's latest accounts, it appears that it was a prerequisite that new capital had to come in if operations were to continue. But it has not been possible to find those funds.

Powermax is far from the only company in the automotive industry that has had to turn things around recently.

In recent months, several leasing companies have broken their necks on massive debts to the public sector. Read more about it here .

Read more exciting news from and about the world of cars right here!

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