The District Court of Helsinki has confirmed the restructuring programmes of Componenta Corporation and Componenta Finland Ltd
Componenta Corporation Stock Exchange Release on 23 August 2017 at 10.35
The District Court of Helsinki has today confirmed the restructuring programmes of Componenta Corporation and its subsidiary Componenta Finland Ltd.
In accordance with the ruling of the District Court the unsecured debts of Componenta Corporation will be cut by 96% and the debts with lowest priority will be cut in their entirety in debt restructuring. The secured debts of Componenta Finland Ltd will be paid in their entirety, whereas unsecured debts will be cut by 75%. The payment programmes for both companies will commence in May 2019 and end in November 2023. The detailed content of the currently confirmed restructuring programmes has been announced with release on 20 June 2017.
By confirmation of the restructuring programmes of Componenta Corporation and Componenta Finland Ltd the debt cuts in accordance with the programmes will come into effect. By reason of the debt cuts Componenta Group’s debts that are recorded in balance sheet are reduced approximately by EUR 119 million, which strengthens the equity through the result. After debt cuts the external restructuring debts of Componenta Corporation and Componenta Finland Ltd total approximately EUR 10 million.
The restructuring programmes of the parent company Componenta Corporation and its subsidiaries, Componenta Finland Ltd and Componenta Främmestad AB, have now all been confirmed, and thus the restructuring proceedings have been completed. The Group’s priorities for the near future are to carry out the restructuring programmes and ensure we have the required financing for these, as well as to boost efficiency in business operations“, says Harri Suutari, CEO of Componenta Corporation.
The District Court has appointed attorney-at-law Pauliina Tenhunen from Castrén & Snellman Attorneys Ltd as supervisor of the restructuring programmes of Componenta Corporation and Componenta Finland Ltd.
Helsinki, 23 August 2017
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Componenta is an international technology company. Componenta specializes in supplying cast and machined components to its global customers, who are manufacturers of vehicles, machines and equipment. The company’s share is listed on Nasdaq Helsinki.