Talenthouse AG, a talent platform for the creative community, announced it decided to file for bankruptcy adding that there are no reasonable prospects to restructure the company anymore.

The company applied for a provisional and then a definitive debt restructuring moratorium in order to implement a restructuring plan. Both moratoriums were granted by courts, with the support of the administrator.

The restructuring plan consisted, in particular, in a contribution in kind by ATIS (Advanced Technologies International Solution) Holding.

However, in the last month the company learned that ATIS and its beneficial owner are not in a position to complete the planned transaction.

In the last few weeks, the board of the company said it attempted to find alternatives to ATIS to implement a restructuring transaction. However, the board said in press release that it has to acknowledge that such efforts will “very likely not result in any solutions reasonably catering for a timely restructuring of the company.”

Furthermore, the appeal body of SIX Swiss Exchange AG confirmed the delisting and decided that the shares of the company were to be delisted as of 8 July 2024.

Talenthouse said challenging such a decision would have been possible, but expensive and time-consuming with an uncertain outcome. The company refrained from doing so, with the consequence that the shares of the company were delisted as of 8 July 2024.

The board said upholding the definitive debt restructuring moratorium, which requires reasonable prospects to restructure the company, is not appropriate anymore. Instead, the board has decided to file for bankruptcy in order to avoid further exposure to its creditors and other stakeholders.

Chairman Roman Scharf, said, “until now, Talenthouse AG and its board always firmly believed that continuing the restructuring process under the protection of the debt restructuring moratorium is preferable to filing for bankruptcy for all stakeholders. However, due to recent, unfortunate developments, outside of our influence, this has changed and sadly the company has to file for bankruptcy. Talenthouse AG thanks everybody having supported the restructuring and apologizes for any inconvenience which has been, or now may be, caused to our stakeholders”.

In February 2023, the SIX Swiss stock exchange suspended Talenthouse’s shares following the failure of the company to file its 2022 annual report. At the same time, many creatives who had worked via the platform came forward to reveal that they had not been paid for the work they had done.

Later that month, the company announced a strategic review and the departure of the company’s CEO and Chief Corporate Development Officer. The company was then served with a decision by the regulatory board of SIX Group AG to delist its registered shares. 

In December 2023, filed an appeal with the independent appeal body of SIX Swiss Exchange AG against the decision of the regulatory board of SIX Group AG to delist the company’s registered shares listed on SIX.