The group has subsidiaries including Alesund. – Sunnmørsposten

Bandak, owned by two investment funds managed by Herkules Capital, is bankrupt. It writes DN.

The group has been mainly subcontracted to the oil and gas industry. In Ålesund the company represented by Bandak Engineering AS. The company was previously Liaaen Technology AS, until it was acquired by Bandak in 2010.

– It is true that Bandak Group has filed for bankruptcy, but the aim is that our subsidiaries in Oslo, Alesund, Floro, Stavanger and in Malaysia will be continued. It is thus only 90 of 355 employees who are directly affected, says CEO of Bandak Group, Per Gunnar Borhaug to the site.

According to a press release on Bandak Group’s website, there are about 60 employees in Aalesund.

the trustee attorney Tom Hugo Ottesen law firm Kvale has spoken to DN.

– It’s this kind of businesses that makes fall in oil prices and subsequent market decline strongest, said lawyer Tom Hugo Ottesen law firm Kvale .

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Do not allow further operations

in a press release from company it emerges that it is filed for bankruptcy for the parent company in Bandak Group and Bandak Risør AS.

Again, it is emphasized that the intention is that the operation of the remaining subsidiaries, Bandak Lunde, Bandak Engineering in Alesund, ITM Floro and Stavanger, and Bandak Malaysia continued.

Furthermore, an explanation of why owners, Herkules Private Equity Fund III and a few minoritetsaksjonerer, have not succeeded in improving the economic situation in the companies:

– it’s on several occasions been supplied fresh capital to the parent company, and the owners have converted gjeød to equity. However, after an extensive process of selskaperts largest creditors, DNB and landlords, it nevertheless come to a conclusion that the economic situation of the parent company and one of its subsidiaries do not allow operation of the current structure.

The group today 355 employees in total. About 90 employees will be affected by the bankruptcy.

– We have worked hard to find a solution that preserves as many jobs as possible. We crave bankruptcy in Bandak Risø and the parent company with a heavy heart, but are happy that we have found solutions that we are able to continue the operations of the remaining subsidiaries, despite the very challenging times in the Norwegian oil and offshore industries. The most important thing now is that employees who lose their jobs are taken care of in a good way, and that we can find good solutions for customers and suppliers that will be affected, says CEO Per Gunnar Borhaug.

Taper significant amounts

Morten Blix in Hercules, who had ownership of 90 percent of Bandak Group, tells smp.no that the background is the dramatic fall in oil prices.

– Hercules has put much money into group, so we lose significant the Amount background is the dramatic fall in oil prices and the impact it has had on the general demand in the group and especially for those who are heavily oriented towards the subsea market. It applies yes Bandak Risør who then filed for bankruptcy, while the other companies, we believe there should be a basis for continued operation, and there is an intention that these should live on and find new owners, says Blix.

He says Bandak ITM in Stavanger and Floro is acquired by a newly created holding company, established for this purpose.

– and we know there are several stakeholders in the other companies, except I can go so much into it.

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