Holland Norway Line bankrupt

2023-09-17T15:19:03+00:00 September 17th, 2023|Finance|

Holland Norway Lines (HNL) was declared bankrupt by a Groningen Court on 4th September.

The bankruptcy was requested in consultation with trustee Hans Silvius and the management of HNL. Silvius was appointed as curator.

The reason for proceeding with the bankruptcy application was that no potential candidate had come forward to takeover of HNL, since the company applied for a suspension of payments towards the end of August.

HNL’s employees in both Norway and the Netherlands have been informed.

Although at this point only HNL has filed for bankruptcy, it is expected that the group subsidiaries will file for bankruptcy shortly, as there is no longer any prospect for continued operations, the company said.

Silvius is now responsible for managing the assets and settling HNL’s financial obligations. He will serve as the primary point of contact during this process.

Business operations had come under pressure, partly due to the financial losses incurred at the beginning of the year in connection with a troubled period at Eemshaven in Holland.

Nevertheless, after a restart in Cuxhaven, Germany, and then a successful start in Emden (1st June), HNL saw a bright future.

However, the company said it needed more time to make up for the financial losses incurred early this year.

Since its launch in 2022, nearly 400,000 passengers have sailed on the cruise ferry ‘Romantika’. The company had almost 400 employees.

Tallink Group also confirmed that the charter of the ‘Romantika’ to HNL was terminated on 1st September.