The Danish mobile manufacturer Lumigon, which manufactures exclusive smartphones, has submitted bankruptcy petition.

Michael Moesgaard, a major financier and entrepreneur, told Itwatch that it requires a very big capital to continue operating the loss-suffering mobile manufacturer.

“It is regrettable, but I am proud that I was a part of Lumigon. The petition of bankruptcy was submitted upon our request, and we have been open to our investors. It actually requires a huge amount to keep operating the company, an amount that we cannot afford”, told Itwatch the multi-entrepreneur and major owner Michael Moesgaard.

Michael Moesgaard launched in 2000 the mobile manufacturer CBB, which was sold 4 years later against an amount of three-digits million to Telenor.

Lumigon, on the other hand, was launched in 2009 by company’s executive manager Lars Gravesen with 28 employees at Sydhavnen in Copenhagen, where even Nokia and Ericsson were situated during the company’s glory days.

Lateron, the company got a problem with launching new products and therefore registered a loss of 25 million DKK (ca. €3.36M) during its business year 2015/2016, in addition to a loss of 39 DKK millions (ca. € 5.24M) a year before, according to News Øresund.

Photo: Press photo by Lumigon