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Billion kronor debt for JB-Education

Published tisdag 6 augusti 2013 kl 10.04
John Bauer Gymnasiet in.Kalmar: Photo: Simon Leijnse/ Radio Sweden, Kalmar

The total size of the debt held by bankrupt JB-Education, a pioneer in Sweden's free school system, is much larger than anticipated.

"We knew that it was a substantial bankruptcy, but the debts were larger than we anticipated," bankruptcy administator Mats Emthén told Swedish Television.

The education group, comprised of eleven separate companies which operated 30 free schools, filed for bankruptcy in June. Total debts amount to 1,150 billion kronor.

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