ADVEO in insolvency filing
| 14 November, 2018
European wholesaler ADVEO has filed for insolvency in a statement to the Spanish stock exchange.
The decision was made after ADVEO failed to obtain a refinancing agreement of debt. Adveo has debts of close to 180 million euros with BBVA, Santander, Caixabank, Bankia, Sabadell and Kutxabank after refinancing closed last summer.
ADVEO’s shares have been suspended on the stock exchange, however, the company will continue to do business.
This latest news follows the recent collapse of ADVEO’s negotiations with Cerberus, which owns Staples Europe.