Finland: Court approves Talvivaara debt plan
Talvivaara’s plans to restructure its debt have been approved by Espoo District Court.
The troubled Finnish nickel mining firm owes around 1.5 billion euros.
The court’s decision, published on Tuesday morning, allows the company’s subsidiary Talvivaara Sotkamo to restructure its 1.5 billion euro debt after reaching agreement with creditors.
On Monday the Belgian zinc company Nyrstar, Talvivaara’s biggest creditor, agreed to assist in the restructuring after withdrawing support in November.
“With the reorganization process now beginning, we can also continue our metals production, which re-commenced last week after a one month stoppage of our metals recovery plan,” said the company’s CEO Pekka Perä in a statement.
In November the court decided that parent company Talvivaara could restructure. The firm’s only other option would have been bankruptcy.
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