Corporate restructuring

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

  • 7.9.2016
    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.
  • 9.9.2016
    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).
  • 30.9.2016
    The district court of Helsinki has on 30 September 2016 accepted the applications for corporate restructuring and the restructuring proceedings have commenced accordingly.
  • 30.9.2016
    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.
  • 16.12.2016
    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 krista.niemimen@castren.fi.
  • 26.1.2017
    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 programs of Componenta Corporation and Componenta Finland Ltd till 31 March 2017.
  • 30.3.2017
    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.
  • 4.4.2017
    The District Court of Helsinki has given interim decisions relating to the draft restructuring programmes of Componenta Corporation and Componenta Finland Ltd.
  • 20.6.2017
    The District Court of Helsinki has at the request of the administrator of the corporate restructuring proceedings decided to continue processing the draft restructuring programmes for Componenta Corporation and Componenta Finland Oy. At the same time the Court has decided on the creditor categories and voting rights, and on starting the voting procedure. The administrator of the corporate restructuring proceedings for Componenta Corporation and Componenta Finland Oy filed amended draft restructuring programmes with the District Court of Helsinki on 12 June 2017.

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
  • 3.3.2017
    Skaraborg district court has granted extension for restructuring proceeding of Componenta Främmestad AB until 1 June 2017
  • 29.5.2017
    Componenta Främmestad AB has filed an application to the Skaraborg district court for an extension of three months for the restructuring proceeding of Componenta Främmestad AB and for convening a composition hearing.
  • 3.7.2017
    The district court of Skaraborg made its decision regarding restructuring of Componenta Främmestad AB and approved the composition.  

Bankruptcy process of Componenta B.V.

  • 2.9.2016
    The Dutch subsidiary Componenta B.V. has been declared bankrupt on 2 September 2016.

Decision for temporary interim interdiction (Componenta Corporation)

Decision for temporary interim interdiction (Componenta Finland Oy)

Amended draft restructuring programme (Componenta Corporation)

Amended draft restructuring programme (Componenta Finland Oy)