Estonia, EU – Baltic States, Markets and Companies, Tourism

The bulk of the company's production is situated in Estonia. Following large loss in 2008/09, the equity on the holding company Flexa Holding was in minus of about 160 million Danish kroons.

The company's creditors established another holding company to deal with the companies activities – Flexa4Dreams.

Currently the company's founders – the Lykke Jensen family including Henning Lykke Jensen and his sons Per and Sren Lykke Jensen, have lost their holdings in Flexa.

"The plan is to sell all the activities that have nothing to do with sale or production of furniture, including pellet production in Estonia and the forest in Russia," Ole Borch, the Head of Supervisory Council for the activities that will be sold off, told the local Horsens Folkeblad paper.

Preben Ritter, the Chairman of the Supervisory Council of Flexa4Dreams, declined to answer questions and referred to Ole Borch who was not available for further comment before this issue went to print.

Ritter has a substantial allround experience from Danish and Swedish furniture industry. Originally a Dane, he was until recently CEO of the Swedish furniture maker Svedplan in Alingsås in Southern Sweden. The company is in the process of closing down after it lost its dominant customer, IKEA.

Flexa Group's overall debt to banks stands at 450 million Danish kroons, of which 72 million kroons stem from a loan from Danish Nykredit Bank to Kalvi Mõis.

In addition to the Estonian activities, Flexa has a plant in Suzhou in China as well as a Russian forest company and a 30-year concession for 813,000 hectares of forest in Russian Karelia. The company employs 80 staff in Denmark.