May 26, 2016 / 1:02 PM / a year ago

BRIEF-Moretime Professional Services to file for bankruptcy

May 26 (Reuters) - Moretime Professional Services publ AB :

* Board has decided to sell 100 pct of shares in subsidiary Moretime Business Partner AB to subsidiary of Nordic accounting and IT company ECIT AS

* Proceeds received from above mentioned sale would not be sufficient to further conduct business in other group companies

* Efforts to involve Moretime’s largest lenders in a solution have failed

* Believes there are no prerequisites for continuing reconstructions

* As a consequence, a bankruptcy petition for Moretime Professional Services AB (publ), MDS Digital Solutions AB and Moretime Financial Services AB will be submitted to Stockholm District Court

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Further company coverage:

Gdynia Newsroom

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