Crowdfunded operator Locomore files for insolvency (Int’l Railway Journal)
GERMAN open-access passenger operator Locomore announced on May 11 that it has filed for insolvency after revenues failed to increase in line with projections.
In a statement on the company’s website, Locomore said that ridership and revenue per passenger have grown continuously, “but not fast enough to be fully-cost effective.”
Locomore had been “extended negotiations with an investor, whose engagement had averted the insolvency,” but these talks ended without resolution on May 10. With its financial reserves exhausted, Locomore has filed an insolvency application at the district court in Charlottenburg, Berlin and a provisional insolvency administrator has been appointed.