Pihlasresort Oy, a hotel company founded by millionaire investor Pekka Viljakainen, is under bankruptcy proceedings as of Thursday. The petition for bankruptcy has been filed in the North Savo District Court by Maanrakennus Viljakainen Oy, a construction company also bearing Viljakainen's name. Interestingly, the Pekka Viljakainen who runs the construction company clarified that he is not the same individual as the one associated with Pihlasresort, despite sharing a name.

The construction company, which is said to have been conducting earthwork for the resort over several years, has cited unpaid invoices as the reason for filing the bankruptcy petition. While they have not disclosed the total amount owed, it has been reported that Pihlasresort has accrued nearly 140,000 euros in payment default records since the beginning of the year. Furthermore, Pihlasresort has failed to submit any financial statements to the Finnish Trade Register, raising further concerns about its financial practices and viability.

This situation highlights the financial troubles Pihlasresort has been facing, suggesting that the company might have been struggling to maintain its operations for some time. The involvement of multiple companies with similar names adds a layer of complexity, emphasizing both the legal and financial ramifications of the case, as it draws attention to the broader issues within the Northern Finnish hospitality sector, particularly regarding financial accountability and transparency.