Componenta Wirsbo AB and Componenta Arvika AB will file for bankruptcy

Componenta Corporation Stock Exchange Release on 13 July 2017 at 17.15

Componenta Group subsidiaries Componenta Wirsbo AB and Componenta Arvika AB have filed for bankruptcy in the local District Courts on 13 July 2017. The companies did not succeed in obtaining financing for the payment of restructuring debts.

In accordance with the rulings of the local District Court, Componenta Wirsbo AB and Componenta Arvika AB were intend to pay some 49 MSEK in total of the Group’s external restructuring debt for Componenta Arvika on 14 July 2017 and for Componenta Wirsbo on 21 July 2017.

The local District Court made its decisions regarding restructuring of Componenta Wirsbo AB on 30 December 2016 and Wirsbo’s subsidiary Componenta Arvika on 23 December 2016. The restructuring proposal for Componenta Arvika AB came into force on 14 January 2017 and for Componenta Wirsbo AB on 21 January 2017.

“According to the restructuring program we succeeded to turn the business of Componenta Wirsbo AB and Componenta Arvika AB profitable. I would like to express my sincere gratitude to the management of the companies. EBITDA excluding items affecting comparability for the first half year was 8 MSEK (-10 MSEK). However, a six months payment term for restructuring debts appeared to be too short. We also tried to find a buyer for the forging operations but unfortunately we did not succeed,” says Harri Suutari, CEO of Componenta Corporation.

Componenta Wirsbo and Componenta Arvika supply forged products, as blanks and machined products, to the heavy truck, construction & mining and machine building industries.

Helsinki, 13 July 2017

 

COMPONENTA CORPORATION

Harri Suutari
President and CEO

For further information, please contact:
Harri Suutari
President and CEO
tel. +358 10 403 2200

Marko Karppinen
CFO
tel. +358 10 403 2101

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.