Business paper Äripäev reported on Monday that high-tech start-up Clifton had filed for bankruptcy. After 16 years in business, the producer of energy efficient semiconductor structures has run out of money.
Liquidator Anne Tammer has not yet published a list of Clifton’s creditors and their demands.
Clifton’s former CEO Jaak Anton said to Äripäev that the amount of investment the company would need to survive remained “out of reach for a company in a country as small as Estonia”.
The main stakeholders in the company are Ambient Sound Investment (45%), UK investment fund Quantum Wave Fund (38%), and the Relander brothers’ Caplia Invest (10%). Clifton’s main stakeholders are also the companies biggest creditors.
Clifton’s loss in the last two years was €3.2m and €1.3m according to the company’s annual reports for 2015 and 2014.
Editor: Editor: Dario Cavegn