Elina Pesonen

Brookfield – EUR 1 billion holdco financing for DayOne Data Centers

We advised a leading global investment firm Brookfield, alongside a global sovereign wealth investor, on the Finnish law aspects of a EUR 1 billion holdco financing for DayOne Data Centers, a Singapore-headquartered developer and operator of hyperscale data centres. Structured as a seven-year secured holdco financing facility of €500 million, expandable to €1 billion – and secured by DayOne’s Finland platform – the financing will support the rollout of hyperscale developments in Lahti and Kouvola, providing nearly 300MW of planned capacity across Finland. The proceeds will also support DayOne’s global expansion across the EU and APAC, with flexibility to allocate to other key growth markets as required.

29.1.2026

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.

9.12.2025

CapMan Buyout – Divestment of Renoa Group

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.

14.1.2025

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.

2.2.2023

Relacom Finland – Administration of bankruptcy estate

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.

11.1.2023

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

Brothers Clothing – Administration of Bankruptcy Estate

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.

18.1.2022

Nosh Company – Acquisition of Samuji Brand

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.

18.6.2021

Zsar Outlet Village – Financing Arrangements

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/

28.11.2018

Tiimari – Bankruptcy of Tiimari (Svago Oyj Abp and Svago Retail Oy)

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.

22.1.2018

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

Winwind – Bankruptcy of Winwind Oy

Pauliina Tenhunen served as the administrator in Winwind Oy’s bankruptcy proceedings, which began in October 2013. Winwind Oy, a designer and manufacturer of industrial-scale wind power plants, was declared bankrupt due to the failure of attempts to rehabilitate its business operations in restructuring proceedings. When bankruptcy proceedings began, Winwind had assets in Finland, India, Sweden, France, Portugal, Estonia, Italy and the Czech Republic as well as factories in Hamina, Finland, and Vengal, India. The bankruptcy estate engaged in long negotiations with several different overseas parties concerning the sale of the company’s business, but liquidating the business as a whole proved difficult due to the preceding restructuring and the unique characteristics of the business. Due to reasons beyond the bankruptcy estate’s control, the assets ultimately had to be liquidated piecemeal. The geographical dimension of the business also made the administration of the estate highly international. The creditors approved the final account of the estate in January 2017, which brought the bankruptcy proceedings to a close.

11.1.2017

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

The Underwriters – We Advised the Underwriters in Outokumpu’s Rights Issue

Castrén & Snellman advised Danske Bank, Nordea and SEB as joint global coordinators and joint bookrunners and BNP Paribas, Crédit Agricole, J.P. Morgan and Swedbank as joint bookrunners in Outokumpu’s rights issue of approximately EUR 665 million. All banks also acted as underwriters. The rights issue was successfully completed and oversubscribed by 23%. The rights issue was a part of Outokumpu’s measures to deleverage and strengthen its balance sheet. Other measures included the divestment of Outokumpu’s Terni facility in Italy and its high performance alloy business (VDM) to ThyssenKrupp as well as extensive debt financing arrangements.

11.4.2014

Lead arrangers and lenders – Castrén & Snellman Advised Financiers in Extensive Debt Financing Arrangements for Outokumpu Plc

Castrén & Snellman served as Finnish counsel for the banks acting as mandated lead arrangers and lenders in connection with extensive debt financing arrangements for Outokumpu Oyj. Outokumpu and the financiers agreed on, among other things, a revolving credit facility of EUR 900 million and on a liquidity facility of EUR 500 million. The mandated lead arrangers and lenders are Merchant Banking, Skandinaviska Enskilda Banken AB (publ), Nordea Bank Finland Plc, BNP Paribas, Crédit Agricole Corporate & Investment Bank, Danske Bank A/S, Helsinki Branch, J.P. Morgan Limited, Pohjola Bank plc, The Royal Bank of Scotland plc, Svenska Handelsbanken AB (publ), Branch Operation in Finland and Swedbank AB (publ). In connection with the arrangement, we also assisted certain banks involved in the transaction in bilateral loan portfolio arrangements with Outokumpu, amounting to approximately EUR 600 million. In addition, we advised the banks in connection with the noteholders’ meetings that approved the amendment of the terms and conditions of Outokumpu’s notes due in 2015 and 2016 owing to the completed debt financing arrangements. We also acted as the financiers’ advisor in negotiating and drafting the security package given by the Outokumpu group for its debt and bond financing arrangements.

17.3.2014

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