The court will appoint a specialised administrator to work closely with Isklar’s management team and board to assist in a debt restructuring process. The administrator, however, has no formal authority in Isklar AS, with the management team and the board remaining in full control of the company’s operations.
Isklar will cut all unnecessary costs across the business, which will include some staff redundancies. However, the company has stated that key production and supply elements of the day-to-day activities will remain business as usual.
The board and management team is now actively seeking and currently engaging with interested third parties that can provide Isklar with the distribution and brand-building support that the brand requires for continued success, according to a company statement.
It continues: We greatly appreciate the continued support from our customers and suppliers in this challenging period, and remain confident of a positive outcome that will enable the brand to continue growing.
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