Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Lehto Asunnot, a residential construction subsidiary of the construction conglomerate Lehto Group has been declared bankrupt.
The Boards of operative subsidiaries of Lehto Group Plc filed for bankruptcy on 6 February 2024. The background to the bankruptcy is the challenging market situation in the Finnish construction industry. In 2023 Lehto's operating result fell to € 23.5 million compared to 2018.
Lehto has tried to find different restructuring solutions for the subsidiaries without success. On 18 December 2023, Lehto announced that attempts to sell subsidiaries had failed. Simultaneously, Lehto believed that without any further financing, the company would not be able to fulfil its payment obligations during the first quarter of 2024.
Lehto Asunnot has 314 employees in Finland.
Eurofound (2024), Lehto Asunnot, Bankruptcy in Finland, factsheet number 200801, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200801.