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Textile recycling company Renewcell will file for bankruptcy at the Stockholm District Court, the company announced in a Sunday press release.
The Circulose manufacturer said it was unable “to secure sufficient financing” after initiating a short-term strategic review in November. Although the Sweden-based firm said it had been negotiating with shareholders and existing lenders, its search for sufficient funding did not result “in a solution which would provide Re:NewCell with the necessary liquidity and capital to ensure its operations going forward,” per the release.
On Feb.12, Renewcell announced that its Board of Directors was rescheduling the publication of its fiscal 2023 report until Feb. 23 “in order to continue the strategic review.” That report was once again rescheduled per a Feb. 23 announcement, which stated that the company would instead publish the report on Feb. 29, and that the strategic review was “ongoing with highest priority.”
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