Finland: Talvivaara gets creditors’ nod for restructuring plan

Creditors of the struggling mining concern Talvivaara voted to support the company’s proposed restructuring plan Wednesday night. The final vote count is still to be confirmed.

The vote in favour of the move to restructure the ailing mining company is an important step in efforts to salvage its fortunes.

The company reported that on Wednesday night creditors owed a total of 270 million euros agreed to the plan to re-organise operations.

On the other hand, creditors owed a total of around five million euros voted against the proposal, however they proved to be in the minority.

According to the terms of the restructuring proposal, the company needed the blessing of creditors owed outstanding funds amounting to at least 105 million euros to proceed with its plans.

Talvivaara reported however that the final results of the voting won’t be known until May 25, at which time a report will be filed with the District Court overseeing the proposed restructuring process.

Related stories from around the North:

Canada:  Canadian province of Quebec announces plan for northern development, Eye on the Arctic

Finland: Local opposition buries plans for diamond mine in Arctic Finland, Yle News

Sweden: Relocation of Arctic town underway in Sweden, Radio Sweden

Norway: Production uncertain beyond Q2 at iron-ore mine in Arctic Norway, Barents Observer

Sweden:  Bids given for Pajala mine in Arctic Sweden, Barents Observer

United States:  Alaska – Judge temporarily halts EPA process on Pebble Mine, Alaska Dispatch

Yle News

For more news from Finland visit Yle News.

Do you want to report an error or a typo? Click here!

Leave a Reply

Note: By submitting your comments, you acknowledge that Radio Canada International has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Radio Canada International does not endorse any of the views posted. Your comments will be pre-moderated and published if they meet netiquette guidelines.
Netiquette »

Your email address will not be published. Required fields are marked *