Elina Pesonen

Counsel, Member of the Finnish Bar

My core competence is assisting our clients in all situations related to insolvency law. I have solid experience of several extensive bankruptcy and restructuring proceedings which are also noteworthy due to their international aspects. My experience includes both assisting the administrator of the estate and representing creditors. I also assist our clients in voluntary arrangements of debts, pledge enforcement cases and in asset recovery matters. I have acted as a liquidator in numerous voluntary liquidation proceedings.

In addition, I handle a variety of corporate and contract law assignments, with respect to which I have particular expertise in questions related to directors’ liability. My skill has been recognised particularly in drafting large sets of agreements and in assisting in negotiations.

Clients appreciate my clear and straightforward style when handling assignments and the fact that I focus on essential matters. I feel that it is important to be a reliable and competent partner in challenging legal situations as well as routine matters. I have participated in two secondments during which I worked as an attorney in the legal department of a large Finnish company. I feel that those secondments are particularly beneficial to my understanding of the kind of legal services our clients expect and need.

In addition to my law degree from the University of Helsinki, I have studied business law at the ESADE private university in Spain. Chambers Europe has ranked me among the leading Finnish insolvency and restructuring attorneys for many years, and Euro-money Legal Media Group listed me as a Rising Star in Finland in 2019.

Latest references

We advised CapMan Buyout in the exit of Renoa Group. Renoa Group management together with Korpi Capital and other investors have acquired the group. Renoa Group is a Finnish established expert in the building technology sector specializing in detached houses in Finland and Sweden. Renoa is a major provider of turnkey domestic water & heating, sewer system and electricity network renovations, with significant operations also in Sweden. The Group reported sales of €35 million and employed c. 300 personnel across its 10 offices in Finland and 6 in Sweden. Korpi Capital is a Finnish investment company with holdings in 29 companies. 
Case published 14.1.2025
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.
Case published 2.2.2023
Relacom Finland Oy was declared bankrupt in 2019 upon the company’s own application. Relacom Finland Oy was one of the leading telecommunication services companies in Finland, and it had activities across Finland. The company offered, for example, installation and maintenance of telecommunication networks and power grids. When bankruptcy was declared, the company had around 400 employees. The bankruptcy proceedings were concluded in approximately three years, and the creditors approved the final settlement of accounts in December 2022. Attorney Pekka Jaatinen served as the administrator of the bankruptcy estate. After the beginning of the bankruptcy, the bankruptcy estate examined the company’s unfinished projects and finished them to the extent that was profitable. The rest of the projects were shut down in a controlled manner and handed over to the customer. Some of the projects were also socially important. The bankruptcy estate hired 112 of the company’s employees for fixed-term employment to finish projects and to ensure that the shutdown was carried out in a controlled manner. However, the bankruptcy administration did not continue the company’s business. The company’s fixed assets and inventories consisted of, among other things, various tools, equipment and several vehicles. The bankruptcy estate identified different options for efficient ways to liquidate assets, and selling was carried out in cooperation with an external liquidator. The liquidation result from finishing projects and selling the company’s movable property was significant and higher than the book value. Unsecured creditors accrued approximately 41% disbursements in the bankruptcy.
Case published 11.1.2023
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.
Case published 29.12.2022
Menswear retailer Brothers Clothing Oy applied for bankruptcy on its own initiative in April 2020. At the time it was declared bankrupt, the company had a total of 12 stores and about 70 employees across Finland. The bankruptcy proceedings were concluded briskly in about one and a half years, and the creditors approved the final settlement of accounts in December 2021. Attorney Pauliina Tenhunen served as the administrator of the bankruptcy estate. After bankruptcy was declared, the bankruptcy estate began clearance sales in five stores in Espoo, Vantaa, Turku, Raisio and Vaasa. The clearance sales were organised in cooperation with the company’s store staff, and the bankruptcy estate hired about 20 of the company’s employees for fixed-term employment. The liquidation result from the clearance sales was significant. Unsecured creditors accrued over 50% disbursements in the bankruptcy. In addition to insolvency experts, the team managing the bankruptcy estate included taxation and employment law experts.
Case published 18.1.2022
We advised Nosh Company Oy in its acquisition of the rights to the Samuji brand. The company, which has successfully increased its net sales and profitability, believes that the acquisition will further strengthen its business growth. The Samuji brand and related rights were put up for sale by the bankruptcy estate after the Samuji fashion company filed for bankruptcy in March 2021. ‘We are extremely grateful and excited for our opportunity to continue the story of this prestigious brand. The Samuji brand has been relevant to numerous customers. We welcome them all to build a new future for the brand with us’, says Antti Järvinen, CEO of Nosh Company. Our team advised Nosh Company in negotiating the deal and reviewing the brand portfolio and drafted the necessary agreements. NOSH is a Finnish clothing brand whose clothes are a pleasure to wear. Nosh Company was founded in 2009. NOSH is known for responsibly manufactured luxuriously soft and high-quality women’s, men’s and children’s clothing. The company’s turnover in 2020 was EUR 12.28 million and operating profit EUR 730,000.
Case published 18.6.2021
We acted as the sole legal advisor in the financing of the new Zsar Outlet Village in Vaalimaa, the first premium outlet village in Finland. We handled the complex financing structure consisting of several equity issues, bank financing and a junior bond. We advised Zsar Oy as the owner and operator, the Finnish Industry Investment Ltd (Tesi) as anchor investor and Prudentus Capital Oy as the sole lead manager throughout the process. The assignment demonstrated Castrén & Snellman’s capabilities to advise clients in demanding and multifaceted projects where tailor-made solutions are needed. Read more: www.zsar.fi/
Case published 28.11.2018
The bankruptcy proceedings of the Tiimari retail chain began in 2013, and C&S Partner Pekka Jaatinen was appointed the estate administrator. The Helsinki stock exchange listed parent company Tiimari Oyj Abp and the operative company Tiimari Retail Oy were both declared bankrupt at the same time. The Tiimari group had 178 stores in Finland and approximately 650 employees. The company also operated in Estonia, Latvia and Lithuania and had been planning to expand to Sweden and Russia. As soon as bankruptcy was declared, we began bankruptcy sales in cooperation with the company’s management. At the same time, the Baltic subsidiaries were wound down in a controlled manner and the parent company was delisted. Eventually, the Tiimari brand was sold and the group’s name was changed to Svago. The income from the bankruptcy sales clearly exceeded the creditors’ expectations and the management’s budget. This success was thanks to the good timing of the bankruptcy sales in the Christmas season and the smooth cooperation between the management, employees and bankruptcy estates. The unsecured creditors received 27% disbursements in the bankruptcy. The bankruptcy proceedings were closed relatively quickly given the scope of the estate when the creditors approved the final accounts on 14 November 2017.
Case published 22.1.2018