Rush Factory avoids bankruptcy after settling debts with Ilmarinen in Turku District Court

Rush Factory, the smallest company on the Helsinki Stock Exchange, is currently avoiding bankruptcy. The mutual pension insurance company Ilmarinen had filed for the company’s bankruptcy last Wednesday in the Turku District Court, known for its involvement in color obstacle runs. However, the bankruptcy application has since been withdrawn from the court. Ilmarinen confirmed to Yle that the application was canceled because Rush Factory’s outstanding debts have been settled.

In a statement on their website last week, Rush Factory noted that the bankruptcy filing was related to unpaid employer pension contributions, amounting to just under €30,000 for Rush Factory and approximately €17,000 for its subsidiary. Ilmarinen had also sought bankruptcy against the subsidiary.

Rush Factory has stated that it has paid its debts to Ilmarinen. Additionally, the company has over half a million euros in debt related to a warehouse located in Masku, Varsinais-Suomi, which matured at the end of September. As of now, there are no updates on how the sale of the warehouse is progressing. The company attempted to sell the property in September for €1.3 million and has been in dispute with the Masku municipality regarding it.

In September, Rush Factory’s share price has dropped by over 92% from its listing price in 2018.