The District Court of Helsinki approved Stockmann plc’s restructuring programme on 9 February 2021. This marks the successful conclusion of Stockmann’s restructuring proceedings.
As the restructuring programme will now shift into the implementation stage, Borenius’ Senior Partner Jyrki Tähtinen was appointed as the supervisor of the restructuring programme. The restructuring programme, which was originally submitted on 14 December 2020 and amended on 1 February 2021, received the nearly unanimous support of the creditors that provided their opinions on the programme. Due to this overwhelming support, the restructuring programme was approved by the Helsinki District Court in an expedited procedure.
Stockmann’s restructuring proceedings spanned altogether ten months. This is a remarkable achievement when taking into consideration Stockmann’s status as a sizeable listed company and that the average restructuring proceedings can take longer. The quick conclusion of Stockmann’s restructuring proceedings required considerable efforts from all parties concerned.
Stockmann will now begin implementing the restructuring programme that Borenius experts have drafted. The programme includes several innovative features, and its key strategies for reviving Stockmann’s business operations involve the continuation of Stockmann’s department store operations, the sale and lease-back of the department store properties located in Helsinki, Tallinn and Riga, and the continuation of Lindex’s business operations as a fixed part of the Stockmann Group.
More information on the restructuring programme can be found on Stockmann plc’s investor website. Please read Stockmann’s related press release here.