The District Court of Espoo has confirmed by a decision on 15 November 2016 the amended restructuring programme drafted by the administrator Jari Salminen as the payment programme of the company.
The Company has followed the provisions of the payment programme and has paid the payments to the creditors as stated in the payment programme.
The total amount of the restructuring debts taken into account in the payment programme was approximately 73.9 million euros. The amount of intragroup restructuring debts that was fully cut was approximately 36.7 million euros. The amount of normal unsecured restructuring debts was approximately 13.2 million euros that was cut off by 50 percent. The amount of the secured restructuring debts was approximately 23.8 million euros out of which approximately 7.9 million euros was secured by business mortgage.
On December 31, 2019, balance of the secured restructuring debts was 13.7 million euros and normal unsecured restructuring debts was 4.8 million euros. Payments under the payment programme will end on 30 June 2025.
The restructuring programme includes a provision regarding a duty to make supplementary payments on the unsecured restructuring debts if the actual cash flow of Tecnotree Oyj exceeds the projected cash flow during the payment programme. No supplementary payments have fallen due.
As per the restructuring programme, Tecnotree Oyj has sold its real estate used as its office premises. The sale price was paid to the collateral holder Viking Acquisition Corp. The District Court has appointed Attorney-at-Law Jari Salminen to supervise the implementation of the restructuring programme. The supervisor monitors the progress of the payment programme and gives reports to the creditors.