Hamburg - Universum Box-Promotion, the former stable of world heavyweight champions Wladimir and Vitali Klitschko, has filed for bankrupcty, its CEO Waldemar Kluch announced on Tuesday.
"Universum can no longer be rescued," said Kluch.
"Yesterday, we cancelled all loans and on Monday we filed a petition for bankruptcy at the district court."
Kluch said his Hamburg-based company had 20 outstanding bills to pay worth a total of approximately €1.5m.
Former WBC middleweight champion Sebastian Zbik had recently filed a complaint against Universum for an outstanding fight purse worth around €190 000.
"He never made signs or showed an interest in paying his bills," said Zbik.
Wladimir Klitschko started his career with Universum, which was founded in 1984, after winning Olympic gold at Atlanta in 1996 and signed along with elder brother Vitali, before the siblings formed their own management company.
Former WBA middleweight champion Felix Sturm, ex-WBO light heavyweight champion Dariusz Michalczewski and former women's world flyweight champion Regina Halmich all fought for Universum during their careers.