The restructuring in Finland and Sweden and bankruptcy in the Netherlands
Key measures on 1 September 2016:
- Componenta Corporation and Componenta Finland Oy were filed for restructuring in Finland
- Componenta Främmestad AB, Componenta Wirsbo AB and Componenta Arvika AB were filed for restructuring in Sweden
- Componenta B.V. was filed for bankruptcy in the Netherlands
- Componenta Dökümcülük Ticaret ve Sanayi A.S. in Turkey continues its operations without official proceedings
Restructuring process of Componenta Corporation and Componenta Finland Ltd
Componenta Corporation and Componenta Finland Ltd have complemented their restructuring applications with interim accounts 30 June 2016 of Componenta Corporation (as a separate company) that have been approved on 7 September 2016, and an auditors’ statement.
Componenta Corporation and Componenta Finland Ltd have received decisions for temporary interim interdiction (interdiction of repayment and interdiction of debt collection) from Helsinki district court on 9 September 2016 (attached).
The district court of Helsinki has on 30 September 2016 accepted the applications for corporate restructuring and the restructuring proceedings have commenced accordingly.
The district court has appointed Mika Ilveskero, Attorney-at-Law, from Castrén & Snellman Attorneys to act as the administrator in the restructuring proceedings of both Componenta Corporation and Componenta Finland Ltd.
The administrator of the restructuring proceedings of Componenta Corporation and Componenta Finland has, as ordered by the District Court of Helsinki, on 16 December 2016 provided creditors a report of the debtor’s assets, liabilities and other undertakings (as per 30 September 2016) and on the circumstances that affect the financial position of the debtor and its expected development.
Creditors of either of the companies have a right to, upon request, receive a copy of the report. All inquiries related to the report are to be addressed to email@example.com.
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 programs of Componenta Corporation and Componenta Finland Ltd till 31 March 2017.
The administrator of the corporate restructuring proceedings of Componenta Corporation and Componenta Finland Ltd has filed the draft restructuring programmes to the District Court of Helsinki.
The District Court of Helsinki has given interim decisions relating to the draft restructuring programmes of Componenta Corporation and Componenta Finland Ltd.
Restructuring process of Componenta Främmestad AB, Componenta Wirsbo AB and Componenta Arvika AB
- 1.9.2016 and 2.9.2016
The filings of the Swedish subsidiaries have been approved and the restructuring proceedings have started on 1 September 2016 in Componenta Främmestad AB and Componenta Wirsbo AB and on 2 September in Componenta Arvika AB.
- 23.12.2016 and 30.12.2016
Composition proposals for Componenta Wirsbo AB (30.12.2016) and Componenta Arvika AB (23.12.2016) have been approved
Skaraborg district court has granted extension for restructuring proceeding of Componenta Främmestad AB until 1 June 2017
Bankruptcy process of Componenta B.V.
The Dutch subsidiary Componenta B.V. has been declared bankrupt on 2 September 2016.