Componenta and some units file for restructuring amid liquidity woes

By Caroline Salls

Pittsburgh, Sept. 1 – Componenta Corp. and some of its subsidiaries filed for restructuring, according to a news release.

The company said the liquidity of the Componenta Group has become critical as a result of a greater-than-expected negative development of turnover and profitability. Componenta said it has not been able to negotiate additional financing necessary because of this situation.

The subsidiaries that made restructuring filings include Componenta Finland Oy in Finland and Componenta Främmestad AB, Componenta Wirsbo AB and Componenta Arvika AB in Sweden.

As part of the arrangement, Componenta said its Dutch subsidiary Componenta BV will file for bankruptcy.

Componenta Dökümcülük Ticaret ve Sanayi AS in Turkey is expected to continue its operations without any official proceedings.

“Restructuring will make it possible for the parent company and its Finnish and Swedish subsidiaries to restore their capital structure and business operations and enables continuing profitable business,” chief executive officer and president Harri Suutari said in the release.

The company said its board of directors also decided to hold an extraordinary shareholders’ meeting on Sept. 23 to vote on the continuance of the restructuring filing under Chapter 20 Section 24 of the Companies Act.

Componenta is a supplier of cast and machined components and is based in Helsinki, Finland.

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