Rutil declared bankrupt

ERJ staff report (DS)

Lonate Ceppino, Italy -- Rutil srl, the machinery maker, has been declared bankrupt and the company is closed, with the loss of about 100 jobs. The company was declared bankrupt on 14 May, said a spokesman for the official receiver, Marco Bianchi of Bianchi & Cartabia based in Varese, Italy.

The spokesman said the administrators had received a couple of phone calls from potential purchasers, but these had not progressed to formal offers for the business. The spokesman said the company is now trying to raise money on the assets of the business, but did not expect there to be any further interest in keeping the company going.

A letter sent out to creditors said there would be a meeting on 24 September 2009 to sort out the company's debts.

Rutil, based in Lonate Ceppino, in Italy's Varese district made injection moulding machines for the rubber and plastics industries. It reported turnover of roughly euro 24 million in 2008, of which around euro 20 million was claimed to be in the rubber sector.

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Website of official receivers: http://www.bianchicartabia.it/