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Kinnevik company, Transcom goes into bankruptcy in France

Friday, 22 March 2013
Customer Company, Transcom's French subsidiary has been placed in liquidation proceedings by a French court in Versailles, according to reports in various Swedish media sources.

A liquidator appointed by the Court will take over management of the subsidiary, Transcom WorldWide (France) S.A.S., as of today. Kinnevik owned 33 percent of the capital and 39.7 percent of the votes in Transcom.

Counting from 1 March, the French business will no longer be included in the financial accounts of Transcom, the company said in a statement.
Last year the business reported an operating loss of EUR 5.4 million and a negative cash flow of EUR 12.5 million. Turnover was 6.4 million.

In 2012, Transcom WorldWide (France) S.A.S. reported revenues amounting to €6.4 million, an operating loss of €5.4 million, and a negative cash flow of €12.5 million. Shareholders’ equity booked in the balance sheet of Transcom WorldWide (France) S.A.S. amounted to negative €9.2 million as at December 31, 2012.
by Scancomark.com Team

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