As many of you may have heard, Norwegian Hifi brand, Electrocompaniet recently filed applications to commence insolvency proceedings in Norway.  The Company immediately ceased all operations and insolvency practitioners were appointed.

Over the past several months, Electrocompaniet AS had been struggling financially and failed to reach an agreement on restructuring of debts with its major creditors which led to the bankruptcy. However, it’s not all bad news, on June 21st, a group of investors led by Mr. Roy Gausaker purchased the estate, and the company and factory is now fully operational.

“The group of investors are restructuring debts as well as bringing fresh capital to the company, which will give it a very strong financial position for future growth and product development moving forward.” – says Nils Arne Bakke COB of Electrocompaniet AS. The management team will be augmented by Øyvind Lundbakk taking over as CEO and Mikal Dreggevik taking the position as BDM. The rest of the team will be the same, and continue to produce, market and deliver the best HiFi products in its class. And as always, our slogan will continue to be “If music really matters….”

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