The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Swedish security and cash-transport company, Panaxia, filed for bankruptcy on 5th of September 2012. The bankruptcy affects all of the approximately 400 employees.
The decision comes after the company has been struggling to keep afloat after a reported loss of a quarter of a billion kronor. It is reported that large sums of money seem to have disappeared from the company account. The Economic Crime Authority has announced that formal charges of aggravated accounting fraud will be filed later in the autumn against two former Panaxia managers.
According to the media, the liquidation of Panaxia is cause for concern in the Swedish retailing industry given its impact on Sweden's cash handling. The immediate liquidation of the company will constitute a challenge for Swedish retailers and there is great concern about how to transport their cash safely.
Sources
26 September 2012: Svenska Dagbladet
Citation
Eurofound (2012), Panaxia, Bankruptcy in Sweden, factsheet number 74216, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74216.
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