Norwegian IT company Adera went bankrupt due to a customer’s unpaid bills, reports digi.no.
The company, founded in 2014, faced financial problems in 2022 when its largest customer failed to pay their bills. The start-up company owed Adera five million Norwegian kroner. The name of the corporate customer is not mentioned in the digi.no article.
”This has been a difficult situation. We invested everything in this one customer, and because of them, we have fallen,” Adera’s CEO Frank Johansen tells digi.no.
Adera was doing well just a couple of years ago: in 2022, the company’s turnover was 17 million Norwegian kroner and the operating profit was 5 million. However, financial problems accumulated when the customer did not pay their bills.
The company laid off all 15 of its employees in the spring due to financial problems. In recent months, Adera has accumulated a total of nine payment default entries, which include delayed insurance and electricity payments.
Adera also owes more than five million Norwegian kroner to DNB Bank. The bank has a lien on the company’s fixed assets, inventory, and chattels. The company has had to take out more loans to pay off unpaid bills.
Johansen considers the company’s fate regrettable.
”We have felt like hostages in this situation,” Johansen says.
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The Azure Open AI environment has been used in the translation of this article.