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.
Manufacturing Manufacture Of Wood And Paper Materials Manufacture Of Paper And Paper Products 17 - Manufacture of paper and paper products
216 jobs Number of planned job losses
Announcement Date
27 November 2008
Employment effect (start)
1 December 2008
Foreseen end date
Description
The carton and groundwood pulp production company Stromsdal has decided to file for bankruptcy. All of the Stromsdal personnel (total 216 employees) will be made redundant.
The sudden standstill of the world economy and the tightening of the financial market have weakened order intake. In light of negative economic indicators, the best estimate is that the company operative cash flow could not turn positive this year despite raw material prices coming down.
On 27th of November 2008 Stromsdal received information from Primaca Partners Oy that the EUR 5 million equity injection which was a part of the signed and published Letter of Intent (LOI), dated October 30, 2008, had failed despite continued negotiations due to the tight financial market situation. As a consequence, there was no remaining opportunity for the corporate and financial restructuring to take place.
Stromsdal has on 28 November 2008 filed for bankruptcy and the Kuopio city court has given its decision DNo K 08/8600 to declare Stromsdal Corporation bankrupt as of 1 December 2008 at 10.00 Finnish time.
Eurofound (2008), Stromsdal, Bankruptcy in Finland, factsheet number 67667, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67667.
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