The Board of Directors of the parent company, Rightbridge Ventures Group AB ("the Company"), has resolved to prepare a balance sheet in accordance with the Swedish Companies Act. In parallel, the Board of Directors of the subsidiary, Rightbridge Ventures AB, has resolved to file for bankruptcy.
Balance Sheet Under the Swedish Companies Act in Rightbridge Ventures Group AB
The Board of Directors of Rightbridge Ventures Group AB (Reg. No. 559058-5807) has resolved to prepare a balance sheet in accordance with the Swedish Companies Act, as there is reason to believe that the Company's equity has fallen below half of the registered share capital.
The background is that the Board of Directors of the wholly owned subsidiary Rightbridge Ventures AB has resolved to file for bankruptcy. This is expected to result in a write-down of assets amounting to approximately SEK 56 million. Based on preliminary calculations, this write-down means that the equity of Rightbridge Ventures Group AB falls below half of the registered share capital.
If the statutory balance sheet confirms this, the Board will convene a first shareholders' meeting in accordance with the Swedish Companies Act.
Bankruptcy Filing for Subsidiary Rightbridge Ventures AB
The Board of Directors of Rightbridge Ventures AB (Reg. No. 559244-3195), a wholly owned subsidiary of Rightbridge Ventures Group AB, has resolved to file for bankruptcy with the Stockholm District Court.
The court will now review the application. If granted, a bankruptcy trustee will be appointed to manage the winding-up of Rightbridge Ventures AB.