The property development company Lakea has filed for bankruptcy at the Pohjanmaa District Court following years of worsening financial problems and rising debt obligations, the Helsinki Times reported. In a statement released on Tuesday, the company confirmed that it will also withdraw earlier restructuring applications submitted in May on behalf of 24 housing cooperatives operated under its Omaksi model. The firm said the decision followed a lack of support from key creditors. Board members of both Lakea and its Omaksi housing subsidiaries announced their resignations the same day.
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The number of bankruptcies filed in Finland rose for the fourth consecutive year, with 333 filings recorded in April 2025, according to data from Statistics Finland. The figure is 38 higher than in April 2024, the Helsinki Times reported. The construction industry recorded the sharpest rise, with 87 companies filed for bankruptcy. Those firms accounted for 299 full-time equivalent jobs now under threat. The second most affected sector was services, which includes areas such as finance, real estate, education, and entertainment.
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A recent study from Intrum indicates that while the number of businesses experiencing payment delays has slightly decreased compared to last year, the wave of bankruptcies is expected to persist through the fall. The accommodation and food service sectors remain among the hardest hit, but public administration, defense, and mining industries have seen the steepest rise in payment delays. Regionally, the highest concentration of businesses facing financial difficulties is in Northern Savonia and North Karelia.
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After a two-year-long bankruptcy process, Scandinavia’s flagship airline SAS AB is now under the ownership of Air France-KLM and private equity firm Castlelake LP, with former Novo Nordisk A/S executive Kare Schultz at the helm of its new board, Bloomberg News reported. The move comes amid much overdue airline consolidation in Europe in the wake of the Covid-19 pandemic, and a recent slowing in travel demand. It will also shore up Air France-KLM’s position in the Nordics, a reliable source of active travelers.
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