The event company was brought down by millions of debts for MotoGP tires.
The district court of Päijät-Häme has declared Kymiring events oy bankrupt in its decision at the beginning of November due to debts of millions.
The Finnish company was filed for bankruptcy by Dorna Sports, which has its headquarters in Spain and owns the rights to the MotoGP races.
The district court found that Kymiring events owes money to Dorna Sports but is insolvent.
– Insolvency is indicated by the fact that the debtor has stopped making payments. The company does not have a functioning board and is unable to conduct business, and the company’s previous board member has announced in writing that the company is insolvent, the decision states.
Collusion
Dorna Sports demanded receivables of almost 6.4 million euros from the Finns. Dorna Sports appealed to the Promoters Contract signed by the parties, which the district court, however, ordered to be kept secret.
Dorna sent the first million dollar invoice to Kymiring events in April. The due date was May 11. The due date for the second giant bill was at the beginning of September.
According to the bankruptcy application on September 6, the then board member of Kymiring Events Riku Rönnholm sent a letter stating that the company is unable to pay its debts to Dorna.
At the same time, Rönnholm announced that the company will most likely be declared bankrupt.
At the end of September, Dorna filed for bankruptcy.
Kymiring oy, on the other hand, is undergoing corporate restructuring. Mikko Huisko