District Court’s Decision on Commencement of Restructuring Proceedings of Tecnotree Corporation
Stock Exchange Release
9 March 2015 at 5.50 p.m. EET
On 5 March 2015 Tecnotree Corporation notified the markets of its resolution to apply for debt restructuring proceedings. In the release the company told that it sees its financial difficulties as temporary, and that via restructuring it would be possible to remedy the company’s financing and equity structure. Restructuring would ease the debt liability of the company and consequently also the shareholders’ equity. The main creditor of the company, Nordea Bank Finland Plc, together with another creditor, have announced being in support of placing the company in the restructuring proceedings.
The district court of Espoo has today, on 9 March 2015, decided to commence the corporate restructuring proceedings concerning Tecnotree Corporation in accordance with the Act on Restructuring of Enterprises. The district court has appointed Mr. Jari Salminen, Attorney-at-Law, from JB Eversheds Oy as the administrator in respect of the restructuring process.
The deadlines in accordance with the district court’s decision are the following:
1) Notification of claims to the administrator: 7 April 2015
2) Statement of the financial status of the debtor to the interested parties: 5 May 2015
3) Draft restructuring program to the district court of Espoo: 6 July 2015
Ilkka Raiskinen, CEO, tel. +358 (0)45 311 3113
NASDAQ OMX Helsinki Ltd
Tecnotree is a global provider of telecom IT solutions for the management of products, customers and revenue. Tecnotree helps communications service providers to transform their business towards a marketplace of digital services. Tecnotree empowers service providers to monetise on service bundles, provide personalised user experiences and augment value throughout the customer lifecycle. With over 1000 telecom experts, Tecnotree serves more than 100 service providers in over 70 countries. Tecnotree is listed on the main list of NASDAQ OMX Helsinki with the trading code TEM1V. For more information on Tecnotree, please visit www.tecnotree.com