GERMANY: Partly crowd-funded open access operator Locomore announced on August 2 that insolvency proceedings had opened the previous day.
The company said it was still trying to find a positive solution to its problems, but train services would remain suspended until further notice.
Locomore launched a daily return service between Berlin and Stuttgart in December 2016 using refurbished coaches and with a focus on sustainability. However ridership and revenue per passenger did not grow fast enough to be fully cost-effective, and after exhausting its financial reserves and unsuccessful negotiations with an investor, the company announced on May 11 that it had filed for insolvency at the district court in Charlottenburg.
…
Read the full article at: http://www.railwaygazette.com/news/passenger/single-view/view/locomore-insolvency-proceedings-begin.html