Tecnotree Corporation
Stock Exchange Release
3 July 2015 at 11.30 a.m. EEST
Postponing of the draft restructuring program of Tecnotree Corporation
The district court of Espoo decided on 9 March 2015 to commence the corporate restructuring proceedings concerning Tecnotree Corporation in accordance with the Act on Restructuring of Enterprises. The district court appointed Mr. Jari Salminen, Attorney-at-Law, from JB Eversheds Oy as the administrator in respect of the restructuring process. The court decided that a draft restructuring program shall be submitted to the district court of Espoo by 6 July 2015
The district court of Espoo has decided on 3 July 2015 at the request of the administrator to postpone the deadline for submitting the draft restructuring program till 30 September 2015. The contents of the request were as follows:
“The administrator appointed in respect of the restructuring process requests that the district court postpones the deadline for submitting the draft restructuring program till 30 September 2015.
It is not possible to compile a draft restructuring program by the 6 July 2015 deadline because:
- the company is doing business in several continents causing the evaluations to take more time;
- the definition of the amount of secured debt is pending; and
- the financial statements for the financial year ended 31 March 2015 of Tecnotree Convergence Private Limited, a subsidiary in India, have not been completed, yet. Tecnotree Convergence Private Limited forms an integral part of the group activities.
Compiling of the draft restructuring program has progressed and no obstacles for creating an implementable restructuring program and reorganization of the business have come up in the evaluations during the restructuring process. “
TECNOTREE CORPORATION
MORE INFORMATION
Ilkka Raiskinen, CEO, tel. +358 (0)45 311 3113
Ilkka.raiskinen@tecnotree.com
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Main Media
www.tecnotree.com
About Tecnotree
Tecnotree is a global provider of telecom IT solutions for the management of products, customers and revenue. Tecnotree helps communications service providers to transform their business towards a marketplace of digital services. Tecnotree empowers service providers to monetise on service bundles, provide personalised user experiences and augment value throughout the customer lifecycle. With over 1000 telecom experts, Tecnotree serves more than 100 service providers in over 70 countries. Tecnotree is listed on the main list of NASDAQ OMX Helsinki with the trading code TEM1V. For more information on Tecnotree, please visit www.tecnotree.com
