Pekka Jaatinen

Senior Advisor, Member of the Finnish Bar

I joined Castrén & Snellman as a partner in 1990 and have ever since been one of the best-known insolvency and restructuring lawyers in Finland. My core areas of expertise include corporate and insurance restructuring, liquidation, the sale of distressed companies, and acting as an administrator in bankruptcies and restructuring proceedings. This experience has enabled me to gain deep insights into various industries, from retail to construction, wholesale to food production, shipbuilding to mining.

I also advise clients on corporate governance and corporate law issues. I am a board member of several private companies both in Finland and abroad. I regularly act as the chairperson at general meetings of listed companies and advise large family businesses on their strategic development and generational changes.

I have always been very active in various international associations, such as the International Bar Association and the International Insolvency Institute. At Castrén & Snellman, I previously served as the managing partner for ten years and have been a board member for 25 years. I am keen to advance our profession to ensure the highest quality of legal service for our clients. Currently, as a senior advisor of our firm, I greatly enjoy working closely with the partners and our talented young lawyers for the benefit of our clients.

Clients highlight his “ability to express complex problems clearly and focus on the core point of legal questions”.

Chambers Europe 2018

Latest references

Castrén & Snellman is acting as the legal advisor to the City of Pori in its sale of a 49% stake in Pori Energia to Polhem Infra. Pori Energia, a multi-utility company, operates in various sectors including district heating, electricity distribution, and electricity generation through CHP and renewable sources. The company also provides wind power services and industrial energy solutions in the Satakunta region. This strategic partnership between the City of Pori and Polhem Infra aims to enhance Pori Energia’s financial stability and investment capabilities, enabling the company to further its efforts in the energy transition and continue delivering high-quality energy services to its customers. Polhem Infra, owned by Swedish state pension funds, focuses on investments in critical infrastructure, including renewable electricity generation, energy storage, energy distribution, digital infrastructure, and transport infrastructure. The transaction values Pori Energia at EUR 905 million. 
Case published 31.1.2025
We drafted a full set of shareholders’ agreements for family-owned associated companies to align and record the family members’ objectives within the companies. Developing and revising an ownership strategy usually requires extensive discussions at the ownership level. These discussions must identify the future prospects each owner sees and the owners’ capacity to commit to a coherent strategy. The discussions may involve difficult issues, but their resolution is essential for long-term ownership. We assisted the family in codifying the ownership strategy of associated companies into shareholders’ agreements. During this revision work, the owners received a useful snapshot of the drivers propelling the business forward.
Case published 10.9.2024
We assisted the shareholders of a contentious estate on legal issues relating to inheritance and succession, as well as on the tax aspects of the distribution of the estate. Our advice covered a comprehensive set of legal issues, combining substantive inheritance law expertise with maintaining active contact with the heirs, facilitating negotiations between them, providing inheritance tax planning and handling various processes relating to the distribution of the estate. The clients appreciated that we actively advanced the matter and proactively highlighted different points of view at different stages of the process. It was important for the clients to understand what their options were and to know what to expect at each stage of the process.
Case published 13.8.2024
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
In this past general meeting season, we have advised and assisted numerous Finnish companies listed on the official list of the Helsinki Stock Exchange and the First North growth market in arranging their annual general meetings. Our partners have served as chairpersons of annual general meetings, and the experts of our Corporate Governance service have participated in the preparations for and as secretaries of the general meetings and have also supervised the counting of votes and scrutinised the minutes of general meetings held under the temporary act enacted in response to the pandemic. Our task has been to ensure that the general meeting runs smoothly and in accordance with applicable regulation. In the spring of 2021, we particularly advised our clients in organising remote meetings. We also advised unlisted companies. We have supported our clients in their general meeting arrangements for many years.
Case published 29.11.2021
At OP sustainability is everything. When establishing an entirely new kind of impact fund, the leading financial services group trusted Castrén & Snellman’s expertise. An increasing number of investors want to not just make money, but make a difference. ‘This shift in values is particularly clear in younger investors. Sustainability has changed investment activities a great deal. Investing has become more difficult, but also more interesting’, says Tuomas Virtala , CEO, Asset Management, at OP Corporate Bank. The first wave came in the form of ethical and sustainable investing, which focused on either avoiding investments in unethical industries or encouraging companies to act more sustainably. In recent years, sustainable investing has been joined by impact investing, in which global problems are tackled with private money. ‘Impact investing is not about charity but about making a positive impact as well as a competitive profit. It is the only sustainable way to arrange financing to solve global problems’, Virtala says. Demand for Impact Fund Exceeded Expectations OP, Finland’s leading financial services group is a pioneer of impact investing. Last year, OP collaborated with Finnfund to establish Finland’s first impact fund to invest in emerging markets. Finnfund is a development financier that builds a sustainable world by investing in responsible and profitable businesses in developing countries. Finnfund is owned by the Finnish State, Finnvera and the Confederation of Industries. The new impact fund, OP Finnfund Global Impact Fund I, raised 76 million euros in its first round of funding. After the second round, the fund’s size stands at 135 million euros. ‘The investor interest exceeded our expectations. It is clear that investors are keen to promote sustainable development and are excited by the growth potential of emerging markets, despite the ongoing pandemic’, Tuomas Virtala says. The fund is seeking to achieve measurable positive impacts on climate change, food security, gender equality and the availability of financing. The fund’s main industries are renewable energy, financial institutions and sustainable agriculture. ‘By investing in developing markets, we can achieve major impacts. The investments are aimed at first getting the fundamentals in place in the target markets. For example, replacing generators with more sustainable means of producing energy. Once the foundations are in place, we can move on to more demanding projects, such as constructing mobile phone networks.’ Sustainability Part of Every Employee’s Day Establishing a new impact fund is just one example of OP’s sustainability work. ‘Sustainability is an integral part of OP’s strategy and is reflected in the daily work, decisions and activities of everyone at the company’, Tuomas Virtala says. OP’s corporate responsibility programme is framed around four themes: OP aims to foster a sustainable economy, support local vitality and community spirit, improve financial literacy in Finland, and use their intellectual and information capital in a responsible way. According to Virtala, sustainability expertise was previously centralised in a separate asset management unit, but now these experts have been placed in every unit. ‘One unit is no longer enough. Sustainability work and expertise needs to be integrated into every function and throughout the entire value chain.’ In addition to their corporate responsibility programme, each unit in OP has its own responsibility principles. ‘Asset management is a pioneer in promoting sustainability within OP. We provide the company sustainability expertise relating to wealth management and foster this expertise by training our employees and sharing knowledge.’ A Good Partner Knows the Best Practices Castrén & Snellman and OP have a long history of working together. Among other projects, Castrén & Snellman assisted OP in the establishment of Finland’s first impact fund to invest in emerging markets last year. According to Tuomas Virtala, Castrén & Snellman has been a good partner in sustainability work. ‘It is vital that our partners understand the best sustainability practices. A law firm that has a clear vision of the smartest way to do something can help us learn and develop’, Virtala says. It is also important for law firms to anticipate future regulation. ‘The regulation of sustainability matters is constantly developing, and we want to be able to anticipate it as best we can so that we can make sure we are keeping up.’ Some Success Stories from OP’s and C&S’s Shared Journey 2021 OP Financial Group – Sale of Checkout Finland to Paytrail OP Corporate Bank – Financing Arrangement for OP Vuokrakoti OP Corporate Bank – Finance of Acquisition of Profit Software 2020 OP-Public Services Real Estate Fund – Acquisition of Aalloppi Healthcare Property from eQ Finnish Real Estate Caverion Corporation and Manager Banks – Issue of EUR 35 Million Hybrid Bond OP and Finnfund – Establishment of a New Global Impact Fund Danske Bank, Nordea and OP Financial Group – Sale of Automatia Pankkiautomaatit to Loomis Ilmarinen, OP and LocalTapiola – Acquisition of Stakes in REDI and Tampere Central Deck and Arena Project OP Cooperative – Sale and Leaseback of OP Headquarter Campus in Helsinki 2019 OP Corporate Bank – Financing Arrangement for Veho Lenders – Metsä Board’s Bank Financing Facility with Sustainability Targets OP Group – Successful Defence of OP Group in Major FCCA Dominance Investigation OP Corporate Bank – SRV Group’s Issue of EUR 58.4 Million Capital Notes OP Financial Group – Reorganisation of Shareholding in Access Capital Partners Pohjola Health – Sale of Occupational Health Services Business OP Life Assurance Company – Disposal of a Helsinki CBD Property Fund Managed by OP Real Estate Asset Management – Konepaja Hotel Development Project 2018 OP Corporate Bank – EUR 43 Million Financing Arrangement for Kreate OP Corporate Bank and Nordea Bank – Revolving Credit Facility Agreement for Lehto OP Corporate Bank – Financing of the Acquisition of Roima Intelligence OP Financial Group – Sale of Residential Portfolio to Kojamo Group Central Deck and Arena – Pioneering Real Estate Development Project Featuring Finland’s Largest Multi-purpose Arena in Tampere City Centre 2017 OP Toimitilakiinteistö – Acquisition of Modern Logistics Warehouse OP Rental Yield – Acquisition of BREEAM Certified Office Properties 2016 OP Corporate Bank – Financing of Intera Partners’ Acquisition of Sikke Security Oy (formerly ISS Security Oy) OP Property Management – Sale of a Large Real Estate Portfolio to M7 Real Estate Helsinki Area Cooperative Bank – Court Case Concerning Electronic Identification Services Act 2015 OP-Rental Yield – One of Finland’s Largest Real Estate Portfolio Transactions in the 21st Century OP-Pohjola & LähiTapiola – Construction and Development of REDI Shopping Centre and Parking Facilities 2014 OP-Pohjola – Tender Offer for All Shares in Pohjola Bank OP-Rental Yield – Acquisition of a Property Portfolio Comprising Over 20 Residential Properties and Over 800 Housing Units
Case published 25.3.2021
Tesi expects sustainability from its investment targets. Castrén & Snellman helps Tesi achieve its sustainability goals.  It is increasingly important for law firms to be able to support their clients’ sustainability work. One good example is the long-term collaboration between Tesi, or Finnish Industry Investment Ltd, and Castrén & Snellman, in which sustainability has grown in significance year by year. ‘We expect our partners to help us achieve our sustainability goals. To do that, they need expertise in and insight into sustainability issues and the developing regulatory environment’, said Heli Kerminen , a director at Tesi. Kerminen is responsible for developing the sustainability and impact of Tesi’s investment activities. Among other projects, C&S advised Tesi when it participated in Swappie’s 35-million-euro investment round last year. Swappie refurbishes and sells recycled phones. Its goal is to operate in 18 countries by 2023. Investments Totalling 250 Million Euros in 2020 Tesi is a Finnish is a state-owned investment company investing in venture capital and private equity funds and directly in growth companies. In 2020, Tesi invested a total of 250 million euros. Investments into nine private equity funds made up 82 million of that sum, and 39 million euros were invested into 20 growth companies. In addition, Tesi gave a 65-million-euro investment commitment to the KRR IV fund-of-funds, which it manages, and invested a total of 63 million euros into 24 companies through its COVID-19 stabilisation programme and Venture Bridge programme. Tesi was founded in 1995. Kerminen divides the company’s history into three stages: the first stage focused on building the Finnish venture capital and private equity market, the second on internationalisation and the third began in 2019 with a new strategy that shifted the focus onto social impact. ‘Sustainability is one of our key operating principles and an integral part of our investment and decision-making processes. We encourage companies to grow sustainably by sharing information and expertise with them’, Kerminen said. ‘We believe that Finnish companies have a key role to play in finding sustainable solutions to global challenges.’ A Circular Economy Programme to Promote Sustainable Growth Sustainability can be seen in many parts of Tesi’s operations. Based on the work Tesi has done with the Finnish Innovation Fund Sitra, Tesi created a circular economy programme, which is an investment programme focused on responsible and sustainable growth. The goal of the programme is to promote the circular economy, support the growth and internationalisation of target companies and promote impact investing. Tesi has dedicated 75 million euros to the programme. Tesi’s core mission is to support the growth and internationalisation of companies. Tesi’s mission is also to highlight and promote sustainable investing. ‘We look at the impacts that our investments have on the environment and on society. Profit is not enough for Tesi, we expect investment targets to operate sustainably and to have a positive impact on society’, Kerminen said. Tesi also encourages its portfolio companies to develop sustainable products, services and business models. ‘A great example of a sustainable business model that is going global is Swappie. Swappie sells refurbished smartphones. This reduces harmful environmental impacts by extending the lifecycle of smartphones and also provides social benefits by putting affordable phones on the market’, Kerminen said. Tesi’s and C&S’s shared journey promoting sustainable investing 2020 Establishment of Stabilisation Program for Mid-sized Companies Investment in Varjo Technologies Investment in Swappie 2019 Investment in Endev Investment in Oura Health 2018 Sale of IonPhasE to Croda International Investment in Nosto Solutions Investment in Zervant 2017 Investment in BC Platforms AG Group Co-investment in Midaxo 2016 Co-investment in OptoFidelity Co-investment in Verto Analytics 2015 Co-investment in in Rauma Marine Constructions 2014 Acquisition of Meyer Turku (formerly STX Finland)
Case published 10.2.2021

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