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Postponing of the draft restructuring program of Tecnotree Corporation

Tecnotree Corporation
Stock Exchange Release
28 September 2015 at 1.00 p.m. EEST

The district court of Espoo decided on 9 March 2015 to commence the corporate restructuring proceedings concerning Tecnotree Corporation in accordance with the Act on Restructuring of Enterprises. The district court appointed Mr. Jari Salminen, Attorney-at-Law, from Eversheds Attorneys Ltd. as the administrator in respect of the restructuring process.

The district court of Espoo has decided on 28 September 2015, at the request of the administrator, to postpone the deadline so that the draft restructuring program shall be submitted latest on 31 December 2015.  According to the former order of the court, the draft restructuring program was to be submitted latest on 30 September 2015. The contents of the request were as follows:

“Due to the wide international business conducted by the company, the evaluations needed and the compiling of the draft restructuring program are pending, and the administrator does not consider it to be possible to submit a draft restructuring program by 30 September 2015.

Compiling the most meaningful restructuring program for the benefit of the creditors requires that the consequences of a possible debt arrangement, e.g. to the status of the foreign subsidiaries in their home countries, will be carefully evaluated.

In the evaluations made during the restructuring proceedings so far, no obstacles for creating an implementable restructuring program and reorganization of the business have come up.“

TECNOTREE CORPORATION


MORE INFORMATION
Ilkka Raiskinen, CEO, tel. +358 (0)45 311 3113
Ilkka.raiskinen@tecnotree.com 

DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Main Media
www.tecnotree.com

About Tecnotree
Tecnotree is a global provider of telecom IT solutions for the management of products, customers and revenue. Tecnotree helps communications service providers to transform their business towards a marketplace of digital services. Tecnotree empowers service providers to monetise on service bundles, provide personalised user experiences and augment value throughout the customer lifecycle. With about 1000 telecom experts, Tecnotree serves more than 100 service providers in over 70 countries. Tecnotree is listed on the main list of NASDAQ OMX Helsinki with the trading code TEM1V. For more information on Tecnotree, please visit  www.tecnotree.com