Published: 2017-07-03 12:05:00 CEST
Componenta Corporation
Inside information

Composition proposal for Componenta Främmestad AB approved

Componenta Corporation Stock Exchange Release on 3 July 2017 at 13.05

The district court of Skaraborg has made its decision regarding restructuring of Componenta Främmestad AB, the subsidiary of Componenta Corporation, located in Sweden and approved the composition on 3 July 2017.

Componenta Främmestad AB has a restructuring debt of 188 MSEK of which 108 MSEK to Componenta Turkey, Componenta Dökümcülük Ticaret ve Sanayi A.S. According to the court decision, unsecured creditors shall receive full payment up to a total amount of 10,000 SEK and 25% on the excess claim to be paid. The restructuring debt must be paid during next 12 months. The appeal period expires on 24 July 2017.

As earlier announced, Componenta Främmestad AB and Componenta Turkey have signed a separate agreement regarding the 108 MSEK restructuring debt receivable. In accordance with the agreement, the debt is cut by 75% and shall be paid back within a period of six years, after the repayment of the other restructuring debt. The repayment is tied to the EBITDA of Componenta Främmestad AB. Componenta Turkey is the most significant creditor and casting supplier for Componenta Främmestad.
 

Helsinki, 3 July 2017
 

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 an international technology company. Componenta specializes in supplying cast and machined components to its global customers, who are manufacturers of vehicles, machines and equipment. The company’s share is listed on Nasdaq Helsinki.