Bankrupt Kainuu hotel receives sole €33,000 bid at auction

The bankrupt Hotelli Kainuu in Kuhmo, eastern Finland, received a single bid of €33,000 in an online auction that closed Tuesday, public broadcaster Yle reports.

The auction for the 50-room hotel and its furnishings ran on Huutokaupat.com since early May, attracting ten potential buyers. The bankruptcy estate’s administrator, attorney Mikko Kejo, declined immediate comment, stating he would first consult the secured creditor.

Hotelli Kainuu filed for bankruptcy on May 5 after its owners applied for insolvency in late April, citing unsustainable debt and shifting market conditions. The estate had continued limited operations for two weeks post-bankruptcy while preparing the sale.