Cash-strapped defence group's subsidiary files for bankruptcy

Summa Energy, a subsidiary of Finnish defence group Summa Defence, has filed for bankruptcy with the Helsinki District Court.

The subsidiary’s board has determined that its liabilities exceed its assets and that the company is insolvent, Summa Defence said in a company release.

The filing is part of measures to turn around the group, which is undergoing corporate restructuring. Summa Defence and its subsidiary Summa Holding entered restructuring proceedings on 9 October.