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.
Construction Construction Of Buildings And Infrastructure Engineering Construction Of Buildings 41.2 - Construction Of Residential And Non-Residential Buildings
159 jobs Number of planned job losses
Announcement Date
8 February 2024
Employment effect (start)
8 February 2024
Foreseen end date
Description
Lehto Tilat, a subsidiary within the Lehto Group construction conglomerate, has entered bankruptcy.
On 6 February 2024, the boards responsible for the Lehto Group Plc's operational subsidiaries initiated the bankruptcy proceedings.
The move towards bankruptcy stems from a difficult market environment in the construction sector. In 2023 Lehto’s operating result fell to € 23.5 million compared to 2018.
Lehto Group has launched several attempts to restructure the subsidiaries without success. On 18 December 2023, Lehto announced that attempts to sell subsidiaries had failed. Simultaneously, the company thought that without any further financing, the company would not be capable of fulfilling its payment obligations during the first quarter of 2024.
Eurofound (2024), Lehto Tilat, Bankruptcy in Finland, factsheet number 200802, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200802.
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