Panostaja Oyj Stock Exchange Bulletin September 30, 2014 17:35 p.m.
Panostaja Oyj subsidiary Takoma Oyj has published the attached Stock Exchange Bulletin:
THE REORGANIZATION PROCEEDINGS OF TAKOMA OYJ AND TAKOMA GEARS OY HAVE
ENDED AND THE REORGANIZATION PROGRAM HAS BEEN CONFIRMED
The proposals for the reorganization program of Takoma Oyj and its subsidiary Takoma Gears Oy have been approved and the reorganization program has been confirmed today in Pirkanmaa District Court. The repayment schedule of the reorganization debts was prolonged and the debt structure was lightened in the reorganization program. The confirmation of the reorganization program provides an opportunity to develop the operations of Takoma Gears Oy.
In the reorganization program, the repayment period of the reorganization debts of Takoma Gears Oy was prolonged from approximately 0.5 years to approximately 6.5 years, ending on March 31, 2021. The length of the program of Takoma Oyj will be approximately 7.5 years, ending on June 30, 2022, and Takoma Oyj will record a positive one-time item of MEUR 0.37 in the result of the fourth quarter due to the cutting of the reorganization debts of Takoma Oyj. The debts of Takoma Gears Oy will not be cut at all. The biggest shareholder of Takoma Oyj, Panostaja Oyj, has also committed to improving the capital structure of the Takoma Group by converting its receivables of MEUR 1.3 into a subordinated loan. After these items, the equity of the Takoma Group, including subordinated loans, is approximately MEUR 1.7 and the liabilities total approximately MEUR 11.1. The reorganization debts are MEUR 6.2 in total, of which MEUR 2.6 are interest-bearing and MEUR 3.6 are non-interest-bearing. Of the reorganization debts, items falling due within the next 12 months, amounting to approximately MEUR 0.9, will be recorded in current liabilities. In addition to the current reorganization debts, the Group’s current liabilities include debts recorded in normal working capital, the factoring limit used and approximately MEUR 1.0 of debts to the bankruptcy estates of bankrupt subsidiaries.
During the reorganization proceedings, the cost structure of Takoma has been adjusted to meet the demand situation. At the same time, the orders received and order book have developed favorably. Takoma will not issue result management.
The Takoma Group consists of NASDAQ OMX-listed Takoma Oyj and its subsidiary Takoma Gears Oy, 100% of which it owns and which engages in operational business.
Further information:
CEO Ilkka Miettinen, Takoma Oyj, +358 50 3848 318
CEO Juha Sarsama, Panostaja Oyj, +358 40 774 2099
Attorney Jussi Laakkonen, Attorneys at Law Ylikraka, +358 40 501 1692