Postponing of the draft restructuring program of Componenta

Componenta Corporation Stock Exchange Release on 26.1.2017 at 17.00

The district court of Helsinki has decided that the corporate restructuring proceedings concerning Componenta Corporation and as set out in the Act on Restructuring of Enterprises commences on 30 September 2016 and appointed Mr. Mika Ilveskero, Attorney-at-Law, as the administrator in respect of the restructuring process. In addition, the court decided that a draft restructuring program shall be submitted to the district court of Helsinki by 31 January 2017.

The district court of Helsinki has decided on 26 January 2017 at the request of the administrator to postpone the deadline for submitting the draft restructuring program till 31 March 2017.

The administrator applied for an extension for the deadline for submitting the draft restructuring program because the review of the restructuring debts of the company is still pending due to the large amount of the debts and their international nature. Also, the review regarding the debts between the debtor and the Group companies is still pending.

According to the administrator, the preparing of the draft restructuring program has progressed and no obstacles for drafting an implementable restructuring program and rehabilitation of the business have come up in the audits and evaluations during the restructuring process.

Also, the district court of Helsinki has decided at the request of the administrator to postpone the deadline for submitting the draft restructuring program of Componenta Corporation’s subsidiary Componenta Finland Ltd till 31 March 2017.

Helsinki, 26 January 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 a metal sector company with international operations and production plants located in Finland, Turkey and Sweden. The net sales of Componenta were EUR 495 million in 2015 and its share is listed on Nasdaq Helsinki. The Group employs approx. 3,500 people. Componenta specializes in supplying cast and machined components and total solutions made of them to its global customers, who are manufacturers of vehicles, machines and equipment.