Finnish power retailer Karhu Voima files for bankruptcy

Finnish power retailer Karhu Voima Oy, a unit of KSS Energia, said on Monday it had filed for bankruptcy due to a sharp rise in electricity prices that made its business unprofitable.

Various options for improving the company's outlook had been considered, including a merger with the parent company, but this would not have been sufficient, the company said. "In light of the high energy price forecasts for the upcoming winter, conditions for continuing the business were not in place," Karhu Voima Chief Executive Officer Olli-Pekka Rantala said in a statement.

"Filing for bankruptcy was an inevitable solution."

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