Rush Factory files for bankruptcy in Varsinais-Suomi, Finland

Rush Factory, the smallest company listed on the Helsinki Stock Exchange, has been filed for bankruptcy. The Mutual Pension Insurance Company Ilmarinen submitted the bankruptcy petition today, Wednesday, to the Regional Court of Varsinais-Suomi. The company has struggled with financial difficulties for an extended period.

Rush Factory, an events company known for organizing color obstacle races, has over half a million euros in debt related to its hall located in Masku, Varsinais-Suomi, which became due last Saturday. In September, the company attempted to sell the hall for 1.3 million euros but engaged in disputes with Masku municipality over the property.

Kauppalehti was the first to report on the bankruptcy. Additionally, Rush Factory’s subsidiary, Funrun Finland Oy, is also facing bankruptcy proceedings with Ilmarinen as the applicant in court.

As of September, Rush Factory’s stock price has fallen by over 92% from its listing price in 2018.