Eniro's parent company files for company restructuring. The operating subsidiaries are not covered by the company restructuring.
The holding company Eniro AB (publ), which is the parent company of Eniro Group, is filing an application for company restructuring. The application covers only the parent Company, a holding company with five employees only, and which do not conduct any operational business apart from group-wide functions.
The operating business carried out in the Eniro subsidiaries, including Eniro Sverige AB, Eniro 118 118 AB, Eniro Treasury AB, Eniro Sverige Försäljning AB, Gule Sider AS, Krak A/S, Oy Eniro Finland Ab, etc., continue to run and develop their business as partner to the small and medium-sized companies within digital marketing. The subsidiaries, with approximately 750 full-time employees, their suppliers or customers are not affected by the parent company's application for corporate restructuring.
The reason for the application is that the holding company did take up extensive credit in connection with historical corporate acquisitions in 2002-2005 at high prices. However, significant improvements in the debt situation have occurred in recent years. Further improvements are necessary as the value of the holding company's subsidiary assets, especially in light of the corona flu, is considered lower than the holding company's liabilities.
Lawyer Lars Eric Gustafsson, Law Firm Schjødt, is proposed Administrator of the proceedings.
For more information, please contact:
Arne Myhrman, Chairman of the board of directors, tel 073-383 64 67
Magdalena Bonde, Group President and CEO, tel 08-553 310 00, magdalena.bonde@eniro.com
Anne Langbraaten, Group CFO, tel 08-553 310 00, anne.langbraaten@eniro.com
This information is information that Eniro AB (publ) is obliged to make public pursuant to EU market abuse regulation. The information was submitted for publication, through the contact persons above, on 30 March 2020 at 07.55 CET.
Eniro is a Nordic company that helps small and medium-sized companies with digital marketing. Eniro also has a search service that aggregates, filters and presents information to help individuals find and come into contact with each other and with companies. The company has about 1 000 employees and operates in Sweden, Norway, Denmark and Finland through the local domains eniro.se, gulesider.no, krak.dk and degulesider.dk. Each week, Eniro Group's digital services have about 4,8 million unique visitors. Eniro is listed on Nasdaq Stockholm [ENRO] and its head office is located in Stockholm.
This translation is for convenience only.