Big builder collapses

Even as the property market was witnessing the first stirrings of a rebound, Sjælsø, one of the country’s most prominent property development firms has announced that it is seeking bankruptcy protection. Sjælsø lost 500 million kroner in 2012 alone, and its overall debt had reached a reported 3 billion kroner. During the height of the construction boom of the 2000s, the firm, which was responsible for development of some of the city’s most recognisable buildings, was worth an estimated 6 billion kroner. Analysts referred to Sjælsø’s fall as the last big collapse of the Great Recession. – Berlingske Business