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Nordic Mines AB Files for Corporate Reorganization for All Non-Dormant Companies within Group


Monday, 8 Jul 2013 02:01am EDT 

Nordic Mines AB announced that it has on July 8, 2013 filed for corporate reorganization of the Swedish parent company and all non-dormant subsidiaries. The objective with the corporate reorganization procedure is to model a future profitable low-cost production and to find a strategic partner or acquirer to the operations at the Laiva project in Finland. The reorganization procedure concerns the Swedish parent company Nordic Mines AB (publ) and its subsidiary Nordic Mines Marknad AB as well as the Finnish subsidiary Nordic Mines Oy. The lawyer Hakan Rudstrom, at the law firm Lindahl KB, is suggested as administrator for the two first mentioned companies and lawyer Mika Salonen, at the law firm Attorneys at Law Borenius Ltd in Finland, for the Finnish subsidiary. The corporate reorganization procedure is a consequence of that the operations at the Laiva mine in Finland has been loss making since the production start, first quarter 2012. The Finnish subsidiary's liquidity, after amortizations at the end of June 2013, is strained. In addition, the sales income has been negatively impacted from the material decrease in gold price during the second quarter. This way the Company will have time to continue the process within the frame of the original action plan decided by the Board in November 2012. Provided that the Finnish court approves the filing for corporate reorganization, the Finnish subsidiary has the intention to call for negotiations with employee representatives. 

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