Componenta Corporation has carried out payments required for premature ending of restructuring programme
Componenta Corporation Stock Exchange Release, 31 March 2021 at 11.50 a.m. Finnish time
The Board of Directors of Componenta has on 25 February 2021 decided to end the Company’s restructuring programme prematurely and to pay its restructuring debts in the total amount of approximately EUR 5.9 million. This amount has included conditional and maximum amount guarantee debts, the final amounts of which were not confirmed and the repayment of which the Company had to separately agree on with each respective creditor.
The Company has on 31 March 2021 carried out the aforementioned approximately EUR 5.9 million payments to its creditors, the amount of which has become more precise during the course of March 2021. The Company has also reached agreements with creditors of the conversion into new maximum amount debts of approximately EUR 0,1 million conditional and maximum amount restructuring debts based on guarantee liabilities which were included in the previous mentioned amount. Following the conversion the Company has fulfilled its liability towards these creditors arising from the restructuring programme. As a consequence of the payments and conversion, the Company views that the payment obligations of its restructuring programme have been fully fulfilled.
The restructuring programme is considered ended when the supervisor of the restructuring programme has approved the payments and has provided creditors with the supervisor’s final account. This is expected to take place in April. The Company will issue a separate stock exchange release in connection with the completion of the supervisor’s final account and the ending of the restructuring programme.
The premature ending of the Company’s restructuring programme will not affect the restructuring programme of Componenta Castings Oy (formerly Componenta Finland Oy), which shall continue in accordance with its terms and conditions until 2023.
President and CEO
For further information. please contact:
Sami Sivuranta, President and CEO, tel. +358 10 403 2200
Marko Karppinen, CFO, tel. +358 10 403 2101
Componenta is an international technology company with operations located in Finland. With its wide technology portfolio. Componenta produces e.g. cast, machined and unmachined components for its clients who are local and global manufacturers of vehicles. machines and equipment. The company’s share is listed on Nasdaq Helsinki.