Voting report relating to Talvivaara's draft restructuring programme submitted to the District Court
May 25 2015 - 8:06AM
Stock Exchange
Release
Talvivaara Mining Company Plc
25 May 2015
Voting report
relating to Talvivaara's draft restructuring programme submitted to
the District Court
Requisite support
from the creditors received
The Administrator of the corporate
restructuring proceedings of Talvivaara Mining Company Plc
("Company") has today submitted a voting report to the District
Court of Espoo on the outcome of the creditors' voting procedure in
connection with the Company's draft restructuring programme. The
entry into force of the draft restructuring programme requires that
the requisite number of creditors have voted in support of the
draft restructuring programme and that the conditions set by the
draft restructuring programme concerning the Company's business
operations and other conditions set by the law have been met.
The Administrator's draft
restructuring programme was supported by approximately 97.5 percent
of the creditors of unsecured debt participating in the voting, and
approximately 98 percent of the votes cast in the same creditors'
group. In total, creditors whose receivables represent over 53
percent of all known debts recognized for the purposes of the
voting procedure voted in favor of the draft restructuring
programme. The requisite support from the creditors set forth in
the Restructuring of Enterprises Act for the approval of the draft
restructuring programme has thereby been obtained, and the
Administrator is not aware of any other barriers to approval. Thus,
the draft restructuring programme can in the Administrator's
opinion be approved under section 54 of the Restructuring of
Enterprises Act.
The Administrator notifies the
District Court separately once the Company has fulfilled the
special conditions set for the entry into force of the draft
restructuring programme.
Enquiries
Pekka Jaatinen, Attorney-at-Law Tel +358 20 7765 765
Castrén & Snellman Attorneys Ltd
Talvivaara Mining
Company Plc Tel +358 20 7129 800
Pekka Perä, CEO
Pekka Erkinheimo, Deputy CEO
Talvivaara's corporate
restructuring proceeding 25.5.2015
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Talvivaaran Kaivososakeyhtiö Oyj via
Globenewswire
HUG#1923702