Sara Laitinen

Senior Associate, Member of the Finnish Bar

Services

  1. Restructuring & Insolvency
  2. Corporate Governance
  3. Private Wealth & Family Office

Contact details

I advise clients in various assignments concerning insolvency law. I have participated in various bankruptcy and restructuring proceedings assisting estate administrators and liquidators.

In addition to restructuring and bankruptcy proceedings, I have experience in liquidation of companies.

I started my career at Castrén & Snellman as a trainee. Before that, I worked as a trainee at another business law firm.

I have a Master of Laws degree from the University of Helsinki.

Latest references

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.
Case published 26.5.2023
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.
Case published 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.
Case published 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.
Case published 18.1.2022
Pharmaca Health Intelligence – Acquisition of PODIUM Connect and PODIUM Visits businesses
We assisted Pharmaca Health Intelligence in its acquisition of Mediaattori Ltd’s PODIUM Connect® and PODIUM Visits businesses. Through the acquisition, Pharmaca Health Intelligence strengthens its extensive service offerings in medical information, data-driven management, and education for both healthcare and pharmaceutical companies. Pharmaca Health Intelligence is a pioneer in digital medical information and a reliable partner for wellbeing services counties, the private healthcare sector and pharmacies. The company invests in the development of technology and service solutions related to pharmaceutical information, also on an international scale.
Case published 5.12.2024
Gasum – Acquisition of Hærup Biogas
We advised Gasum Oy in its acquisition of 100% of the shares in Hærup Biogas ApS, which owns and operates a biogas plant in the northern part of mainland Denmark. This acquisition marks Gasum’s first biogas plant in Denmark, expanding its biogas production portfolio. Gasum’s strategic goal is to bring seven terawatt hours of renewable gas to the Nordic market yearly by 2027. The acquisition is one step towards achieving the strategic goal. Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. 
Case published 3.12.2024
Helkama-Autokauppa – Acquisition of Škoda Dealerships in Helsinki and Tampere
We are advising Helkama-Autokauppa Oy in the acquisition of the Škoda dealerships in Helsinki and Tampere from Hedin Automotive Finland. The transaction is subject to regulatory approval. Helkama-Autokauppa Oy operates as an independent dealer in the dealer network of Helkama-Auto Oy, the Finnish importer of Škoda cars, spare parts and accessories.
Case published 3.12.2024
Huhtamaki – EUR 450 million sustainability-linked syndicated revolving credit facility
We advised Huhtamaki Oyj in relation to a EUR 450 million sustainability-linked syndicated multi-currency revolving credit facility loan agreement (“RCF”) with a maturity of five years. The RCF refinances an existing EUR 400 million sustainability-linked syndicated revolving credit facility signed in January 2021 and will be used for general corporate purposes of the Group. The RCF has two one-year extension options at the discretion of the lenders. The Mandated Lead Arrangers and Bookrunners of the RCF are Citi, Nordea Bank Abp, Skandinaviska Enskilda Banken AB (publ), BNP Paribas, Commerzbank Aktiengesellschaft, Danske Bank A/S, DBS Bank Ltd., London Branch, J.P. Morgan SE, Landesbank Hessen-Thüringen Girozentrale, OP Corporate Bank plc, Raiffeisen Bank International AG and Standard Chartered Bank AG.
Case published 28.11.2024

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