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Nordic Mines publ AB informs on ongoing corporate reorganization procedures in Sweden and Finland

Tuesday, 8 Jul 2014 08:16am EDT 

Nordic Mines publ AB:Updates on the Swedish reorganization procedure.Says that the administrator for the Swedish companies within the Nordic Mines group has to the Uppsala District Court filed composition plans supported by creditors representing at least 40 pct of outstanding unsecured debt.Says the District Court has approved the administrator's composition plan proposals and called for creditor committee meetings on July 30.Says the District Court will decide whether the final composition plan can be decided upon.Says the District Court has the possibility to postpone the completion of the creditor committee meetings for another three weeks after July 30.Says, for all unsecured creditors, the composition plan would imply full cash payment of receivable up to 9,000 Swedish crowns (1,000 euros) and 10 pct payment of claims in excess of that.Updates on the Finnish reorganization procedure.Says the administrator for the Finnish subsidiary is expected to file a composition plan proposal to the Uleaborg District Court as of July 8.Says the creditors to the Finnish subsidiary will be able to respond to the proposal until July 18.Says a request will be filed to the District Court for final decision on the composition plan.Says, for all unsecured creditors, the composition plan would imply full cash payment of receivables up to 1,000 euros (9,000 Swedish crowns) and 10 pct payment of receivables larger than 1,000 euros (9,000 Swedish crowns). 

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19 Dec 2014