TALLINN — The Estonian food company Alta Foods, which has a €19.2 million debt to Swedbank, was declared bankrupt by the Harju County Court on Monday.

Just a few years ago, Alta Foods belonged under Alta Group, and was on the up-and-up, planning to buy Kalev Chocolate Factory Ltd. and the Tere food company until the crisis hit.

Now former Kalev owner Oliver Kruuda is planning to sue Alta for €12 million to cover damages allegedly caused by the cancellation of the Kalev and Tere purchases.

The bankruptcy was filed by OÜ Kentex Finance Eesti and Kruuda, who bought out Alta Foods’ receivables. The court order will come into force in 15 days, so the bankruptcy can be disputed within that period.

Alta Foods shareholders contacted by Baltic Reports declined to comment.