Swedish water-soluble potassium sulphate (SOP) producer Cinis today filed for bankruptcy after months of financial and production-related problems.
Cinis was unable to find a lender willing to provide short-term credit after it announced on 9 January that it was in a "strained financial situation".
An administrator will now determine the future of the firm, including a potential takeover.
"The board has evaluated various courses of action and worked intensively to find a solution, but unfortunately, we have had the time against us and no agreement has been reached", company chairman Roger Johansson said.
Cinis, which produced SOP from pulp-and-paper and car battery industries, began output at its 100,000 t/yr Ornskoldsvik plant in Sweden in May 2024. It later delivered a first vessel of product to Dutch speciality fertilizer company Van Iperen in September that year.
But Cinis has faced persistent challenges since then, including missing production goals. The company in April last year sought finance to boost production and for plant improvements. It then in October ditched its output targets and asked for further funding, before pausing production in November.
