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Estonian ferry firm Linda Line declares bankruptcy

Estonian cruise firm Linda Line - known for its quick sea voyages between Helsinki and Tallinn - was declared bankrupt by an Estonian court earlier this week.

File photo of a Linda Line ferry docking at Helsinki's Image: Mauri Ratilainen / AOP

Linda Line, the Helsinki-Tallinn ferry service marketed as the fastest way to travel by sea between the cities, was declared bankrupt in Harju County Court earlier this week, according to Estonian national broadcaster ERR. Linda Line's parent company Lindaliini AS filed the bankruptcy petition itself, ERR reports.

Linda Line's high-speed, red ferries shuttled passengers between Helsinki and Estonia's capital across the Gulf of Finland for the past two decades.

The firm ceased operations for the season in November 2017 and reportedly had plans to introduce a new catamaran to their operations as recently as last month, according to Finnish daily Helsingin Sanomat, which also reported the firm had been struggling for years.

Linda Line is 90 percent owned by Finnish firm Varsinais-Suomen Tukkutoimi, and ten percent of the company is owned by Jaanika Rohula, who is also the firm's administrative manager.

ERR reports that the first meeting of creditors will be held on 11 June in Tallinn.