Talvivaara: District court OKs reorganization process for subsidiary

By Caroline Salls

Pittsburgh, Dec. 17 - Talvivaara Mining Co. plc said the district court of Espoo, Finland, decided to begin the corporate reorganization process for operational subsidiary Talvivaara Sotkamo Ltd.

According to a news release, Pekka Jaatinen from Castren & Snellman Attorneys was appointed as the administrator for Talvivaara Sotkamo. Jaatinen is also the administrator for Talvivaara Mining.

"The decision by the district court of Espoo to commence the reorganization process of Talvivaara Sotkamo was as expected and it clarifies the situation and improves our operational preconditions going forward," chief executive officer Pekka Pera said in the release.

"With the reorganization process now beginning, we can also continue our metals production, which re-commenced last week after a one month stoppage of our metals recovery plant. Re-start of the plant went according to plan and the leaching of new ore is also proceeding as anticipated."

As previously reported, Talvivaara announced on Monday that Nyrstar Sales & Marketing AG reinstated its support for the corporate reorganization application for Talvivaara Sotkamo.

Helsinki-based Talvivaara Mining is a base metals producer with its primary focus on nickel and zinc.

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