HELSINKI – Finnish electronics manufacturer Elcoteq said its three subsidiaries have filed for bankruptcy.

Elcoteq Finland Oy, Elcoteq Lohja Oy and Elcoteq Design Center Oy have attributed the move to a lack of funding.

The parent firm is in insolvency proceedings and is unable to provide an outlook for the remainder of 2011, say published reports.

The firm posted an operating loss of $54.6 million in the second quarter, and sales were down 47%.

The group assembles cellphones and set-top boxes, and the parent company employs about 6,800 staff.

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