Voting report relating to Talvivaara's draft restructuring programme submitted to the District Court
Stock Exchange Release
Talvivaara Mining Company Plc
25 May 2015
Voting report relating to Talvivaara's draft restructuring programme submitted to the District Court
Requisite support from the creditors received
The Administrator of the corporate restructuring proceedings of Talvivaara Mining Company Plc ("Company") has today submitted a voting report to the District Court of Espoo on the outcome of the creditors' voting procedure in connection with the Company's draft restructuring programme. The entry into force of the draft restructuring programme requires that the requisite number of creditors have voted in support of the draft restructuring programme and that the conditions set by the draft restructuring programme concerning the Company's business operations and other conditions set by the law have been met.
The Administrator's draft restructuring programme was supported by approximately 97.5 percent of the creditors of unsecured debt participating in the voting, and approximately 98 percent of the votes cast in the same creditors' group. In total, creditors whose receivables represent over 53 percent of all known debts recognized for the purposes of the voting procedure voted in favor of the draft restructuring programme. The requisite support from the creditors set forth in the Restructuring of Enterprises Act for the approval of the draft restructuring programme has thereby been obtained, and the Administrator is not aware of any other barriers to approval. Thus, the draft restructuring programme can in the Administrator's opinion be approved under section 54 of the Restructuring of Enterprises Act.
The Administrator notifies the District Court separately once the Company has fulfilled the special conditions set for the entry into force of the draft restructuring programme.
Enquiries
Pekka Jaatinen, Attorney-at-Law Tel +358 20 7765 765
Castrén & Snellman Attorneys Ltd
Talvivaara Mining Company Plc Tel +358 20 7129 800
Pekka Perä, CEO
Pekka Erkinheimo, Deputy CEO
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Talvivaaran Kaivososakeyhtiö Oyj via Globenewswire
