Business Services Industry
Swedish mobile VPN solutions developer ipUnplugged AB applies for bankruptcy
Nordic Business Report, June 11, 2008
NORDIC BUSINESS REPORT-11 June 2008-Swedish mobile VPN solutions developer ipUnplugged AB applies for bankruptcy(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com
Swedish venture capital company Ledstiernan AB (OMX Stockholm:LEDS B) announced on Wednesday (11 June) that its portfolio company ipUnplugged AB has applied for bankruptcy.
ipUnplugged has applied for financial reconstruction already in February, but has failed to strengthen its revenue base.
The bankruptcy will not affect Ledstiernan's result for the year as the book value of its holding in ipUnplugged is set at zero.
ipUnplugged, based in Stockholm, Sweden, develops mobile VPN solutions.
Ledstiernan, Headquartered in Stockholm, Sweden, is a venture capital company investing in growth companies. Its portfolio includes holdings in Metrima AB, Millennium Media Group AB, Polstiernan Industri AB, Wazoo Holding AB and Ledstiernan Venture AB.
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