Componenta unit seeks three-month restructuring proceeding extension

By Caroline Salls

Pittsburgh, May 30 – Componenta Corp. said Componenta Främmestad AB filed an application Monday to the Skaraborg district court for a three-month extension of its restructuring proceeding and the scheduling of a composition hearing.

According to a news release, Componenta Främmestad and the Turkish subsidiary of Componenta, Componenta Dökümcülük Ticaret ve Sanayi AS, signed a separate agreement regarding the €11.4 million restructuring debt.

Under the agreement, the debt is cut by 75% and will be paid back within a period of six years after the repayment of the other restructuring debt.

The company said the repayment is tied to the EBITDA of Componenta Främmestad.

As a result of this agreement, Componenta said there is sufficient support for the restructuring proceeding of Componenta Främmestad.

On March 6, Componenta announced that it was granted an extension from Skaraborg district court for the restructuring proceeding of Componenta Främmestad until June 1.

Reaching an agreement related to the internal debt between Componenta Främmestad and Componenta Dökümcülük Ticaret ve Sanayi was seen as a prerequisite for a viable composition proposal, the release said.

Componenta is a supplier of cast and machined components and is based in Helsinki, Finland.

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