HELSINKI: Talvivaara’s mining company’s restructuring program proposal vote has strong support by creditors. There were only a few objections to the proposal, the voting for which started in mid-April and ended at midnight on Wednesday.
According to the initial liquidation report, the proposal was supported by the creditors to whom the mining company Talvivaara owes more than €270 million. Adoption of the restructuring program proposal requires that it favours creditors who hold debts of at least €105 million.
Had the proposal failed, it could have lead to Talvivaara’s bankruptcy. Liquidator Pekka Jaatinen says that the reorganization proposal was supported by both domestic and foreign creditors.
