District Court of Espoo has confirmed the restructuring programme of Trainers’ House

Espoo, 2015-09-02 10:45 CEST (GLOBE NEWSWIRE) -- TRAINERS' HOUSE PLC, STOCK EXCHANGE RELEASE, 2 SEPTEMBER 2015 AT 11:45

The District Court of Espoo has today, 2 September 2015, confirmed the restructuring programme of Trainers’ House.

CEO Arto Heimonen: ”The programme restructures lightens the Company’s balance sheet so that it is in line with the capabilities of the current business operations. With the adoption of the programme Trainers’ House can focus fully on serving its customers and strengthening its cash flows. This means a new beginning for the company.

The restructuring programme was prepared in good co-operation with the debtors, the administrator and other related parties. In the restructuring program all debts with ordinary priority, such as taxes and other public sector payments, will be repaid in full.”

Further information on the adopted restructuring programme has been published with a stock exchange release on 3 June 2015. The key points of the restructuring program:

- The Company will pay all of the secured debts and the unsecured ordinary debts in full during a period of approximately four and a half years.

- The accrued interests of the Company’s junior and hybrid loans will be completely written off and the remaining borrowed capital of approximately 3.0 million euro will be fully converted to shares in the Company with subscription price of 0.08 euros / share. The subscription price is significantly higher than the recent market price of the shares.

- Only the lowest priority capital loans, which amount to approximately 3.1 million euros, are completely written off. Jari Sarasvuo is the creditor of approximately 90 per cent of these loans.

- With the restructuring programme the overall debt of the Company (excluding intra-group debts) will be reduced from approximately 9.1 million euro to approximately 2.5 million euro. Furthermore, the costs related to the company’s leased office premises will be reduced by approximately 800.000 euro per annum.


Further information:

CEO Arto Heimonen, phone +358 40 412 3456
The Administrator appointed by the District Court of Espoo, attorney Mika Ilveskero, Castrén & Snellman Attorneys Ltd, phone +358 20 7765 403