It is with deep regret that the Board of Directors of Briggen Tre Kronor AB is compelled to announce that a petition for bankruptcy has been filed with the Stockholm District Court.

This situation has arisen as a result of extremely high and unplanned costs for repairs, maintenance, and canceled sailings during repair work. A significant contributing factor is the backlog of maintenance that accumulated during the pandemic. High costs associated with training new crew members have also had an impact. In addition, the company’s finances are affected by the economic downturn, inflation, and interest rates.

Extensive and intensive efforts have been made to find solutions to the current situation. Among other things, the board, in consultation with legal experts, has explored the possibility of applying for corporate reorganization under the Corporate Reorganization Act. This has proven not to be a viable option, partly due to a new law that imposes different and more stringent requirements on the applicant than previously.
The Board has also explored a number of different avenues for supplementary financing but has been unable to find adequate solutions. In addition, some members of the Board have made significant personal financial commitments to help resolve the situation.

It is our hope that, moving forward, we will be able to work with the Association Board and other stakeholders to find a solution for the ship’s operations so that sailing activities can continue next season.
In the meantime, the activities of Expedition Save the Baltic Sea continue under the Baltic Sea Contract.

Stockholm, September 22, 2023
Sincerely,

The Board

For questions, please contact Thomas Flinck, tel: 070 516 53 33
Email: thomas.flinck@expeditionbalticsea.se