Postponing of the draft restructuring program and the release for the 2015 financial results of Tecnotree Corporation
Tecnotree Corporation
Stock Exchange Release
30 December 2015 at 11.00 a.m. EET
The district court of Espoo decided on 9 March 2015 to commence the corporate restructuring proceedings concerning Tecnotree Corporation in accordance with the Act on Restructuring of Enterprises.
The district court of Espoo has decided on 30 December 2015, at the request of the administrator, to postpone the deadline so that the draft restructuring program shall be submitted latest on 31 March 2016. According to the former order of the court, the draft restructuring program was to be submitted latest on 31 December 2015. The contents of the request were as follows:
“The administrator appointed for the corporate restructuring requests that the district court postpones the deadline for the draft restructuring program to be submitted to the district court so that the draft restructuring program shall be shall submitted latest on 31 March 2016.
Arrangements for an implementable restructuring program, as well as evaluations and compiling of a draft restructuring program are pending and the administrator does not consider it to be possible to submit a draft restructuring program by 31 December 2015.
Compiling the most meaningful restructuring program for the benefit of the creditors requires that the on-going arrangements and evaluations will be carefully implemented. The great majority of the personnel of the Group is in the subsidiaries outside Europe, having implications of the corporate restructuring. The sales are also made predominantly outside Europe.
In the evaluations made during the restructuring proceedings so far, no obstacles for creating an implementable restructuring program and reorganization of the business have come up.
The creditors’ committee has unanimously favoured postponing the deadline on the basis presented above.“
Since the corporate restructuring has impacts on the financial statements of Tecnotree, the company has decided to postpone the release of its 2015 financial results from the previously announced time 29 January 2016 by one month till 29 February 2016.
TECNOTREE CORPORATION
MORE INFORMATION
Ilkka Raiskinen, CEO, tel. +358 (0)45 311 3113
Ilkka.raiskinen@tecnotree.com
DISTRIBUTION
Nasdaq Helsinki Ltd
Main Media
www.tecnotree.com
About Tecnotree
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 service bundles, provide personalised user experiences and augment value throughout the customer lifecycle. With around 1000 telecom experts, Tecnotree serves around 90 service providers in around 70 countries. Tecnotree is listed on the main list of Nasdaq Helsinki with the trading code TEM1V. For more information on Tecnotree, please visit www.tecnotree.com.