Moventas’ corporate restructuring programme was approved
The restructuring of the Moventas companies that began last June ended today, as the district court of Jyväskylä confirmed the restructuring programmes of Moventas Santasalo Ltd and Moventas Wind Ltd.
The corporate restructuring procedure of the Moventas companies began in June, when their holding company Moventas Ltd was filed for bankruptcy.
Mid November, the British industrial engineering group Clyde Blowers signed a sale and purchase agreement on acquiring the Moventas companies for the price of 100 million euros. The final closing of the acquisition is estimated to take place around year-end, after the competition and other authorities have approved the transaction.
- We are very glad that the restructuring programme was approved this quickly. We can now start executing the programme and develop the company with the new owner. These are major steps on this challenging journey, comments CEO & President of the Moventas companies, Jukka Jäämaa .
The restructuring programme includes a payment schedule of the Moventas companies’ debt as well as measures for financially stabilizing the companies in the long term. Execution of the program takes a maximum of three years.
The Moventas companies have already carried out and planned restructuring measures. Announced earlier this week, the termination of the Karkkila factory’s lease agreement and reorganizing production, i.e. releasing the Moventas companies’ excess capacity, are a significant part of the restructuring programme.
Moventas will start preparing for the reorganization of its production in Finland after the acquisition is closed.