While it appears from records that this firm is profitable and balance sheet solvent, the termination of certain contracts and contra-claims by main contractors has effected this. It now has estimated debts of €1.9 million and fixed assets that are likely to realise less, the petition says.
Since 2019 the focus has been on global data centre solutions, with one completed project in Germany and four other European ventures, according to the petition. Serious consideration was given to a restructuring arrangement through a court-supervised examinership, but two potential investors confirmed they were not prepared to fund the required scheme of arrangement.
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