(Nord24): The company Arctic Travel & Leisure AS has been declared bankrupt. The company has had 13 employees. All have been legally dismissed, says the ruling from the district court.
Arctic Travel & Leisure AS is one of four subsidiaries in the Pukka Travels International group. The company has been among the largest tourism players in Tromsø, and invested, among other things, in trips with its two characteristic catamarans with home port at Ishavshotellet.
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In the last couple of years, most of the activity has been transferred to this company, which in turn has significant debt to two other companies with the same owner. Pukka Travels Supply owns the operating assets and receives rent from the now bankrupt company. The others were sleeping company.
The company has had offices in Havnebygget, at Kirkegata 1 in Trømsø.
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Big losses
Last year they had operating income of 10.7 million and operating costs of 25 million.
It is stated that the debt in the company is over NOK 35 million. Book values are 5.9 million, but most of this is accounted for as “intangible values”.
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The company currently has eight ongoing debt collection cases, the largest for The Edge hotel. NAV has also made an outlay in the company.
Rescue operation
According to the notes from the accounts, the company has been hit hard by covid-19, air strikes and the war in Ukraine.
– The company has not been able to get back on its feet, and the board has decided to consolidate operations to only sell tourism concepts for third parties.
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The board had faith in continued operations, and the owners were willing to invest in new ventures.
This led to the value of the company being written down to NOK 1. In February last year, an issue of 19.4 million was made to save the share capital, which was about to be lost. This was offset against debt to shareholders.
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Internal debt
Anton Nils Axel Heijbel Daniel John Bordessa are the largest shareholders.
According to the accounts for 2023, the parent company has a claim of four million to Arctic Travel & Leisure AS. This was significantly higher, but the parent company wrote down the debt by 18 million last year. In other words, there have been significant losses.
The parent company also has a claim of 3.9 million to Pukka Travels Supply AS. The parent company lost 35 million last year.
Tags: Bankruptcy Tourism Tourism operator bankrupt million debt
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