Componenta units cannot pay restructuring debts, file for bankruptcy

By Caroline Salls

Pittsburgh, July 13 – Componenta Group subsidiaries Componenta Wirsbo AB and Componenta Arvika AB filed for bankruptcy in the local district courts on Thursday after they failed to obtain financing for the payment of restructuring debts, according to a news release.

In accordance with court orders, Componenta Wirsbo and Componenta Arvika were required to pay SEK 49 million of the group’s external restructuring debt for Componenta Arvika on July 14 and for Componenta Wirsbo on July 21.

According to the release, the court made decisions regarding the restructuring of Componenta Wirsbo on Dec. 30, 2016 and subsidiary Componenta Arvika on Dec. 23, 2016. The restructuring proposal for Componenta Arvika took effect on Jan. 14 and for Componenta Wirsbo on Jan. 21.

“According to the restructuring program we succeeded to turn the business of Componenta Wirsbo AB and Componenta Arvika AB profitable,” Componenta Corp. chief executive officer Harri Suutari said in the release.

“However, a six-month payment term for restructuring debts appeared to be too short.

“We also tried to find a buyer for the forging operations but unfortunately we did not succeed.”

Componenta is a supplier of cast and machined components and is based in Helsinki, Finland.

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