Componenta Corporation and Componenta Finland
Restructuring of Componenta Corporation and Componenta Finland Ltd
Our firm’s former attorney Mika Ilveskero served as the administrator in the restructuring proceedings of Componenta Corporation and Componenta Finland Ltd, which began on 30 September 2016. Componenta Corporation’s shares are listed on Nasdaq Helsinki. The group’s Swedish subsidiaries Componenta Främmestad AB, Componenta Wirsbo AB and Componenta Arvika AB were placed in restructuring on 1 September 2016, and the Dutch subsidiary Componenta B.V. was declared bankrupt on 2 September 2016. The Swedish subsidiaries Componenta Arvika and Componenta Wirsbo were subsequently declared bankrupt in July 2017.
The Componenta group’s business covers the design, casting and machining of iron components for various industrial applications. The group manufactures components from a variety of materials from single components to production runs of tens of thousands components. The group’s customers are mainly truck, construction, mining and metal industry companies as well as manufacturers of agricultural machinery. Following the restructuring proceedings, the Componenta group has key operations in Finland And Sweden.
The vast majority of creditors approved the draft restructuring programmes on 23 August 2017 after proceedings that lasted just under a year. The implementation of the restructuring programmes is being supervised by Attorney Pauliina Tenhunen. The group’s short-term focus will be on implementing the restructuring programmes and securing the necessary financing as well as on streamlining operative business activities.