26.2.2016

Trainers’ House – Corporate Restructuring

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Restructuring & Insolvency

Change management company Trainers’ House applied for corporate restructuring at the end of 2014. Castrén & Snellman partner Mika Ilveskero, who specialises in restructuring proceedings and corporate law, was appointed as the administrator.

The restructuring programme for Trainers’ House was far from an off-the-rack solution. The claims of unsecured creditors were not cut at all. The solution called for strong commitment from the shareholders as well as from the companies and private individuals financing the company. This is because a significant portion of the company’s debt was converted into shares in the company. The restructuring programme was drafted quickly, and the District Court was able to confirm it already in September 2015.

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Life Finland – Administration of bankruptcy estate

Life Finland Oy, a retailer of natural products, other health-related products and cosmetics, filed for bankruptcy on its own initiative in June 2025, and our attorney, counsel Elina Pesonen was appointed administrator of the bankruptcy estate. Life Finland Oy was part of the international Life Group, and its parent company Life Europe AB was declared bankrupt in Sweden in June 2025. When declared bankrupt, Life Finland Oy had over 30 operational stores and almost 170 employees across Finland. In addition to the premises of the operational stores, the company had several other leased premises, such as retail premises it was vacating as well as office and warehouse spaces. The bankruptcy estate organised clearance sales in all of the company’s stores. The shutdown of the stores and the clearance sales were efficiently carried out in approximately two weeks in cooperation with the company’s country manager, regional managers and sales staff. The clearance sales yielded a significant liquidation result, and consumers bought nearly the entire inventory. The administration of the bankruptcy estate has required expertise in many areas. The proceedings have dealt with specialised issues such as cash pooling arrangements, intellectual property, franchising agreements, employment relationships and consumer creditors. In addition, the proceedings are notably international, as the estate administrator has organised the shutdown of operations and the liquidation of assets in close cooperation with the estate administrators of the Swedish Group companies. The cooperation has included, among other things, exploring opportunities for selling the business, the sale of intangible rights and the coordination of intra-group agreements.

Foodiq – Restructuring proceedings

Castrén & Snellman’s Attorney Christer Svartström acted as the administrator in the restructuring proceedings of Foodiq Oy, which began on 11 March 2024. Foodiq is a unique future food focused company that develops and produces plant and milk-based products for both the private and public sectors. The company’s largest shareholder is a Swedish investment company focusing on FoodTec, Nicoya AB. The majority of creditors approved the draft restructuring programme in expedited proceedings after restructuring proceedings that lasted just under a year. The District Court of Helsinki affirmed the restructuring programme including the one-day payment programme on 10 March 2025 and appointed Attorney Christer Svartström as the supervisor of the programme. In cooperation with the parties, they found an effective and quick restructuring solution for the company, avoiding a long-term programme and allowing the company to focus on its core business. The restructuring programme was financed by investments made by the company’s investors. At the same time, the one-day programme provided a better outcome for creditors compared to a longer programme. The implementation of the restructuring programme ended successfully on 28 March 2025.

European Battery Technologies – Sale of assets of bankruptcy estate

Our partner Pauliina Tenhunen acts as the administrator of the bankruptcy estate of European Battery Technologies Oy. The bankruptcy estate sold all assets of the bankrupt company, including its battery factory equipment and IP rights related to the operations. The equipment sold was the first of its kind in the 2010s and the factory was the first in Europe to produce LFP batteries. The buyer is Estonia and Germany-based Skeleton Technologies, a global developer and manufacturer of energy storage solutions. The buyer will continue operations in the premises rented by the bankrupt company in Varkaus, Finland. The owner of the premises is Keski-Savon Teollisuuskylä Oy, a company owned by the city of Varkaus. The bankruptcy administration is very pleased with this outcome as the continued operation of the battery factory was a priority also for the bankruptcy estate.

Litorina Capital – Merger of Leo’s Lekland and HopLop

We advised Litorina Capital, a Swedish private equity house, in the merger of two leading indoor playground chains in the Nordics, Leo’s Lekland and HopLop. Litorina IV fund, the main owner of Leo’s Lekland, and CapMan Special Situations I, the main owner of HopLop, agreed on an ownership arrangement that will unite Leo’s Lekland and HopLop into Europe’s leading indoor playground group. Both parties will continue their ownership in the new combined group. The HopLop chain continues to operate in Finland under the HopLop brand. The new group will be Europe’s largest family focused activity and exercise company. It has a total of 68 parks in Finland, Sweden, Norway, Denmark and Germany. Leo’s Lekland is the largest indoor playground chain in the Nordic countries, with a total of 50 parks in Sweden, Norway, Denmark, Finland and Germany. There are 7 parks in Finland. HopLop is the largest children’s adventure and indoor playground chain and the most significant family focused activity and exercise company in Finland. There are 17 HopLop parks in Finland and 1 in Germany. Litorina is a private equity investment firm based in Stockholm, Sweden. It was founded in 1998. It invests in niche market leading companies with headquarters in the Nordics. Currently it has 13 portfolio companies.

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