Componenta subsidiary’s composition OK’d; payment details announced

By Caroline Salls

Pittsburgh, July 3 – Componenta Corp. subsidiary Componenta Frammestad AB’s composition was approved on Monday by the district court of Skaraborg, according to a news release.

Componenta Frammestad’s unsecured creditor will receive full payment up to SEK 10,000 and 25% on an excess claim during the next 12 months. The appeal period for the payment expires on July 24.

According to the release, Componenta Frammestad has a restructuring debt of SEK 188 million.

The company said Componenta Frammestad and Componenta Turkey signed a separate agreement regarding a SEK 108 million restructuring debt receivable, which cuts the debt by 75%. The debt will be paid back within a period of six years after the repayment of the other restructuring debt.

This repayment is tied to the EBITDA of Componenta Frammestad. Componenta Turkey is the most significant creditor and casting supplier for Componenta Frammestad, the release said.

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

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