Composition proposals for Componenta Wirsbo AB and Componenta Arvika AB approved
Componenta Corporation Stock Exchange Release on 30.12.2016 at 17.00
District courts in Sweden made their decisions regarding restructuring of Componenta Wirsbo AB and Componenta Arvika AB. District court of Västmanland approved the composition for Componenta Wirsbo AB today 30.12.2016. The appeal period expires on 20.1.2017. District court of Värmland approved the composition for Componenta Arvika AB on 23.12.2017. The appeal period expires on 13.1.2017.
Componenta Wirsbo AB has a restructuring debt of 44 MSEK and respectively Componenta Arvika AB 76 MSEK. According to the court decisions, unsecured creditors shall receive full payment up to a total amount of 10,000 SEK and 25% on the excess claim to be paid. Componenta Wirsbo has a prioritized restructuring debt of 1.0 MSEK and respectively Componenta Arvika 8.3 MSEK which must be paid in full.
Componenta Corporation owns 100% of Componenta Finland Oy, which owns 100% of Componenta Främmestad AB, which owns 100% of Componenta Wirsbo AB, which owns 100% of Componenta Arvika AB. Each of before mentioned companies are under separate legal restructuring proceeding.
On 9.12.2016 Skaraborg district court granted extension of three months for restructuring proceeding of Componenta Främmestad AB. Stabilization of Componenta’s Turkish subsidiary Componenta Dökümcülük Ticaret ve Sanayi A.S. and an agreement of internal debt are seen as a prerequisite for a viable composition proposal. Componenta’s Turkish subsidiary is the most significant creditor and casting supplier for Componenta Främmestad AB.
Helsinki, 30 December 2016
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, the Netherlands 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.
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