Tecnotree reaches understanding to settle all legal claims with Viking
Tecnotree Corporation Stock Exchange Release 9 Jul 2021 at 14:30 EET
On 19 March 2020, Tecnotree Corporation (“Tecnotree”) disclosed in a stock exchange release that Viking Acquisition Corporation (“Viking”) has filed a claim before the District Court of Länsi-Uusimaa to nullify certain resolutions of Tecnotree Corporation from 2018 and 2019.
Tecnotree has concluded negotiations with Viking subsequent to which the parties have agreed to settle all Tecnotree’s and Viking’s outstanding issues both as a creditor and as an erstwhile shareholder on or before 15 September 2021.
This settlement is predicated on the following conditions subsequent:
- Viking to withdraw and waive all its claims against Tecnotree as an erstwhile shareholder and creditor.
- Tecnotree will seek to either settle or identify third parties to purchase the current outstanding debt held by Viking under the debt restructuring program.
While Tecnotree is confident that it can meet its financial obligations under the debt restructuring program until its completion in 2025 and continue to finance its growth, this settlement is a first critical step for the company to come out of debt restructuring in an accelerated timeline. However, the Company will seek to exit debt restructuring with an appropriate debt to equity ratio and cost of capital to maximize shareholders returns.
Coming out of debt restructuring would enable the Company to participate in certain geographies and continue to expand its customer base. This will also give Tecnotree customers greater comfort to make longer term commitments and set the Company on a faster growth trajectory.
Priyesh Ranjan, CFO, tel +971 50 955 1188
Tecnotree is the only full stack digital business management solution provider for digital service providers, with over 40 years of deep domain knowledge, proven delivery and transformation capability across the globe. Our open source technology based agile products and solutions comprise the full range (order-to-cash) of business process and subscription management for telecom and other digital service providers. Tecnotree products and platforms service over 800 million subscribers worldwide.Tecnotree is listed on Nasdaq Helsinki (TEM1V). For more information, please visit www.tecnotree.com.