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Home BUSINESSTalvivaara gains creditors supports for restructuring programme
Fri, 08 May, 2015 12:06:35 AM
FTimes – STT Report, May 8
File Photo – Str / Lehtikuva.
Talvivaara's restructuring program proposal vote has strong support by creditors, the company said on Thursday. There were only a few objections to the proposal, the voting for which started in mid-April and ended at midnight on Wednesday.
According to the initial liquidation report, the proposal was supported by the creditors to whom the mining company Talvivaara owes more than 270 million euros.
Adoption of the restructuring program proposal requires that it favours creditors who hold debts of at least 105 million euros.
Had the proposal failed, it could have lead to Talvivaara's bankruptcy.
Liquidator Pekka Jaatinen says that the reorganization proposal was supported by both domestic and foreign creditors.
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