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Talvivaara gets creditors’ nod for restructuring plan

Creditors of the struggling mining concern Talvivaara voted to support the company’s proposed restructuring plan Wednesday night. The final vote count is still to be confirmed.

Kaivinkone lastaa louhetta kuorma-autoon avolouhoksessa.
Tänään kokoontuva ylimääräinen yhtiökokous päättää Talvivaaran omaisuuserien, kuten kalkkilaitoksen ja laboratorion myynnistä Sotkamon kaivoksen nykyiselle haltijalle Terrafamelle. Image: Talvivaara

The vote in favour of the move to restructure the ailing mining company is an important step in efforts to salvage its fortunes.

The company reported that on Wednesday night creditors owed a total of 270 million euros agreed to the plan to re-organise operations.

On the other hand, creditors owed a total of around five million euros voted against the proposal, however they proved to be in the minority.

According to the terms of the restructuring proposal, the company needed the blessing of creditors owed outstanding funds amounting to at least 105 million euros to proceed with its plans.

Talvivaara reported however that the final results of the voting won’t be known until May 25, at which time a report will be filed with the District Court overseeing the proposed restructuring process.

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