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The housing manager hopes that this will be the first of many bankruptcies that will be seen in the future in Norwegian tourism.
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The Solia travel company is bankrupt. Show a recent message from the Brønnøysund logs on Tuesday.
– After Travelco Nordic filed for bankruptcy on October 23 this year, there was no basis to maintain operations in Solia, housing manager Kristoffer Aasebø informs E24.
Solia was started in 2003 and has since become one of Norway’s biggest players in Norwegian tourism.
Solia has been managed and operated through Travelco Nordic, which was the largest Nordic-owned tour operator in the Nordic region. Although the company has attempted a restructuring, it was not enough to cope with the pandemic.
– The corona virus is undoubtedly related to bankruptcy, and this is expected to be the first of many bankruptcies for those who travel with package tours, and others in restaurants and tourism, says Aasebø.
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Debts 7.4 million crowns
The manager states that Solia has no employees in Norway and, according to the liquidation letter, it also does not appear that the company has customers who are entitled to a refund.
Rather, it is the partners and suppliers abroad with whom the company is indebted, says the property manager.
The total debt of the company is NOK 7.4 million, where the assets of the company are declared at a value of NOK 6.2 million.
Of these, NOK 3.2 million have been blocked in favor of the travel guarantee fund.
In 2017, the company moved to Denmark, where the company is registered. At the moment, only the Norwegian side is bankrupt.
Solia’s financial statements for 2019 have yet to be released, but in 2018 they were able to report a drop in revenue of just over NOK 50 million.
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The ball started rolling in 2018
CEO Peder Hornshøj says Solia started going downhill as early as 2018, when Travelco Nordic’s partner Primera Air went bankrupt.
– Then it went downhill for Travelco Nordic, and together with the corona virus, it was not possible for Solia to continue operating, he tells E24.
Hornshøj also serves as CEO of Bravo Tours, which bought Travelco Nordic a few years ago.
– It’s a sad story and we don’t know what will happen next. We hope someone shows an interest in the travel company so that it has a chance to survive the pandemic, he says.
– There have been difficult times when it is impossible to do anything, but we hope that the world will open soon and we can start traveling again.
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