Construction, Estonia, Markets and Companies, Real Estate

"We have told the court that the reorganization did not work and we submitted an application asking the reorganization to be finished," CEO and one of the owners of the company, Mait Schmidt, told LETA/BNS. He added that a court ruling is expected soon.

When asked whether this means that the company will definitely go bankrupt, Schmidt said that "it might go that way", adding that "there is no other option".

According to Schmidt the company has lately lost nearly all of its construction contracts. He did not want to say how many obligations the company still has. "I don't want to comment on that at the moment and will first wait for the court ruling," he said.

A court on Dec. 20 launched the reorganization proceeding of Bauschmidt and named barrister Veli Kraav as the reorganization advisor. The reorganization plan had to be submitted to the court by Feb. 17.