Christer Svartström

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.

6.5.2025

Danfoss – Acquisition of certain converter technology from Ampner

We advised Danfoss Drives Oy, part of the Danish Danfoss Group, in its acquisition of the 1500 VDC converter technology from Ampner Oy. In connection with the acquisition, Ampner’s product team developing the 1500 VDC converter technology transferred to Danfoss Drives. Danfoss Drives is a global frontrunner in the growing field of electrification with solutions in key applications such as Power-to-X, smart grids and energy storage, fast charging, and electrification of ports and vessels.

11.1.2024

Otso Gold – Restructuring Proceedings

Otso Gold Oy, an ore exploration and mining company, filed an application for initiating restructuring proceedings to the Oulu District Court on 3 December 2021. At that time, the company owned the Laivakangas gold mine, which is located in Raahe, Finland, on one of the biggest gold deposits in the Nordic countries. The company’s restructuring proceedings commenced on 17 February 2022, and the District Court ordered Attorney Pekka Jaatinen to serve as the administrator. At the time of commencement of the proceedings, the company was part of the Otso Gold group, whose Canadian parent company Otso Gold Corp is listed on the Toronto stock exchange. Due to the cross-border nature of the group, simultaneous restructuring applications were filed in Finland, Sweden and Canada. Otso Gold needed to carry out a financing and ownership arrangement in order to safeguard the continuation of its business and the fulfilment of its restructuring programme. Through the restructuring proceedings, Otso Gold was able to carry out a corporate transaction whereby the restructuring and the related proceedings were based on the sale of the company’s entire share capital to Pilar Gold Inc., a Canadian gold mining company. Simultaneously, Otso Gold was provided with financing for the implementation of the restructuring programme. Creditors representing over 93% of all debts of Otso Gold supported the restructuring programme based on the transaction concerning the entire company. The District Court of Oulu affirmed the one-day restructuring programme in October 2022 and appointed Attorney Pekka Jaatinen as supervisor of the programme. The restructuring programme and its payment programme were carried out in their entirety approximately one week later, and the restructuring programme ended successfully on 17 November 2022.

29.12.2022

POP Mortgage Bank – Establishment of Mortgage Bank and Covered Bond Programme

We advised POP Mortgage Bank Plc in the establishment of a mortgage bank and in the obtainment of the required authorisation under the Act on Mortgage Credit Banks. Additionally, we advised POP Mortgage Bank Plc in the establishment of a EUR 1,000,000,000 mortgage covered bond programme. Under the programme, POP Mortgage Bank Plc may issue covered bonds pursuant to the recently adopted the Act on Mortgage Credit Banks and Covered Bonds and list them on the regulated market. The authorisation process and the establishment of the programme were affected by the overall legislative reform, which entered into force on 8 July 2022. POP Mortgage Bank Plc is part of the POP Group and the amalgamation of POP Banks. POP Mortgage Bank Plc is responsible for POP Group’s mortgage-secured funding by issuing covered bonds.

12.9.2022

Multitude SE – Conversion into an SE and Relocation of Registered Office from Finland to Germany

We advised Multitude SE (formerly Ferratum Oyj) in a conversion from a Finnish public limited liability company into an SE company earlier this year and we are advising Multitude SE in relocation of its registered office from Finland to Germany. Multitude’s board resolved to approve a transfer proposal on 9 July 2021. The relocation will be carried out in accordance with the Finnish Act on European Company and the SE Regulation. Multitude’s new registered office will be seated in Hamburg and the relocation will take effect at the end of 2021. The final decision on the relocation is subject to approval by the general meeting of Multitude’s shareholders. Multitude is an international provider of mobile banking and digital consumer and small business loans, distributed and managed by mobile devices. Founded in 2005 and headquartered in Helsinki, Finland, Multitude has expanded to operate in 19 countries across Europe, South and North America, Australia and Asia. Multitude SE is listed on the Prime Standard of Frankfurt Stock Exchange.

24.8.2021

Finnish Defence Forces – Squadron 2020 Project

We advised the Finnish Defence Forces Logistics Command in the Squadron 2020 project. Squadron 2020 is the Finnish Navy’s project that is aimed at replacing seven vessels that the Navy will decommission. These will be replaced by four modern corvettes. Rauma Marine Constructions Oy and RMC Defence Oy based in Rauma will construct four multi-purpose corvettes, called the Pohjanmaa Class, for the Squadron 2020 project. Saab AB from Sweden was selected as the combat system supplier. The Pohjanmaa Class will form the backbone of the Finnish Navy’s capability and combat vessel fleet and is planned to remain in service until the 2050s. The total cost of the Squadron 2020 project is approx. EUR 1,300 million.

16.3.2020

Nordea – Re-domiciliation of Nordea

Castrén & Snellman advised Nordea Bank Abp with respect to Finnish law when the parent company’s registered office was transferred to Finland on 1 October 2018. The re-domiciliation from Sweden to Finland was carried out by way of a reversed cross-border merger, where the former parent company Nordea Bank AB (publ) merged with its Finnish subsidiary Nordea Bank Abp. Nordea Bank AB (publ) has been dissolved and all its assets and liabilities have been transferred to Nordea Bank Abp, which now is the parent company of Nordea Group. Nordea Bank Abp received the necessary licence from the European Central Bank in June 2018.

5.11.2018

NIAM – Financing of the Acquisition of the Suurpelto and Laajasalo Retail Centres

We advised Niam in the financing of the acquisition of the Suurpelto Retail Centre and the Laajasalo Retail Centre from NCC Property Development Oy. Both properties are located in the Helsinki metropolitan area. The Suurpelto retail centre opened in November 2017, and the Laajasalo retail centre is scheduled to open in November 2018.

19.2.2018

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.

1.12.2017

OP Property Management – Sale of a Large Real Estate Portfolio to M7 Real Estate

We advised Real Estate Fund Finland I, a fund managed by OP Property Management Ltd, in the sale of a large real estate portfolio to international investor M7 Real Estate. The transaction consisted of 12 properties located in different parts of Finland consisting of office, business, multi-purpose and warehouse space amounting to a total surface area of approximately 64,000 m².

21.10.2016

Trainers’ House – Corporate Restructuring

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. View Team

26.2.2016

EcoStream and L&T Recoil – Bankruptcy

EcoStream was an oil reclamation group from Hamina, on the southern coast of Finland. Parent company EcoStream was responsible for the sale of reclaimed oil, and subsidiary L&T Recoil was responsible for the actual oil reclamation. At the start of 2014, both companies ran into insurmountable financial difficulties, and they filed for bankruptcy in March 2014. C&S partner Pauliina Tenhunen, who specialises in insolvency matters, was appointed as the administrator for both bankruptcy estates. The oil reclamation plant located in the port of Hamina is one of a kind in Finland. The plant has the capacity to process all of the waste oil produced in Finland ecologically, turning it into high-quality base oil. The project was tripped up by higher-than-anticipated construction costs and by the price of base oil falling along with global oil prices. The bankruptcy estates quickly put the reclamation plant up for sale in cooperation with the secured creditors. A domestic buyer was quickly found for the plant, and the plant is now running under the new ownership.

24.2.2016

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