Vaahto Group Plc Oyj’s subsidiary Vapate Oy files for bankruptcy
VAAHTO GROUP PLC OYJ STOCK EXCHANGE RELEASE 29.10.2014 at 16:00
VAAHTO GROUP PLC OYJ´S SUBSIDIARY VAPATE OY FILES FOR BANKRUPTCY
Vapate Oy (former Vaahto Paper Technology Ltd), subsidiary of Vaahto Group, has filed for bankruptcy on 29 October 2014.
As part of the Vaahto Group’s strategy, focusing on Process Technology, Vapate Oy has sold all its unprofitable business related to pulp, paper and board industry solutions during years 2013 and 2014. Therefore, company doesn’t have employees or operative business anymore.
The Board of Directors of the Vapate Oy has stated that the liabilities of the company are greater than its assets and the company is no longer able to meet its obligations.
The loans of Vapate Oy mature in the bankruptcy. The parent company has secured loans for the financiers of the company. Negotiations with financiers have already begun on how to arrange the securities of the parent in such a way that the group’s continuing operations does not become endangered due to the securities.
In Lahti 29.10.2014
VAAHTO GROUP PLC OYJ
The Board of Directors
For further information:
Chairman of the Board Reijo Järvinen, Vaahto Group Plc Oyj, tel. +358 400715968
CEO Toivo Karppanen, Vaahto Group Plc Oyj, tel. +358 405001957