B&G bankruptcy bill hits NOK 3.2bn

The scale of Bertelsen & Garpestad's collapse is becoming clear. The bankrupt contractor faces NOK 3.2 billion in claims from 752 creditors, plus a further NOK 100 million in unpaid wages.

Norwegian contractor Bertelsen & Garpestad faces a total of 752 claims amounting to NOK 3.2 billion following its bankruptcy, according to Dalane Tidende. An additional NOK 100 million in wage claims has been filed by 441 former employees.

The first creditor meetings were held at Sør-Rogaland District Court on Wednesday. Neither former chairman Sverre Garpestad nor other key figures were present.

The Norwegian Public Roads Administration, Statens vegvesen, has filed the largest single claim of NOK 1.4 billion for breached contracts. DNB Bank has filed a claim of NOK 380 million.

The bankruptcy administrator Magnus Jonsbråten pointed to several possible causes of the collapse, including weaknesses in financial management and reporting systems, particularly on the cost side and in project monitoring.

The administrator also noted significant margin pressure in the industry and a near-doubling of turnover between 2021 and 2022 as contributing factors. A final review of the causes of the bankruptcy is still pending.

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