Estonia, Financial Services, Logistics, Markets and Companies

While at the beginning of this month production continued at minimum capacity, giving work to 22 employees, now warehouses are full of briquette which is not finding buyers on the market due to warm weather, bankruptcy trustee Olev Kuklase said. Because of that the company is about to lay off 16 workers and continue to produce only heat energy.

"No bids were submitted and a new auction hasn't been announced as yet. The bank as the biggest creditor will decide the starting price of the new auction," Kuklase told BNS.

The assets were offered with a starting price of 3.2 million euros at the ended auction. Last summer it was hoped the assets would sell for six million euros.

According to the bankruptcy trustee's report, Sangla Turvas had assets worth 5.8 million euros and its liabilities totaled at least 4.6 million euros in July 2015.

Sangla Turvas that used to be the biggest employer in the east-central rural municipality of Puhja was declared bankrupt in May 2015.