The Board of Directors of Coala-Life Group AB (publ) ("Coala Life" or the "Company") has decided to file for bankruptcy. The application will be submitted to the Stockholm District Court today, Friday, March 22, 2024.
The decision to file for bankruptcy is based on the fact that the Company's efforts to find a solution to the liquidity problem have not been successful, with the result that salaries and current payments cannot be paid. The collection of accounts receivable has failed, and long-term discussions about paying collaborations and capital injections have not led to the intended results.
The Board of Directors concludes that the Company is insolvent and thus unable to pay its debts and that continued operation is not possible.