Tecnotree Oyj - Company Announcement

Postponing of the draft restructuring program and the release for the 2015 financial results of Tecnotree Corporation

Tecnotree Corporation
Stock Exchange Release
30 December 2015 at 11.00 a.m. EET

The district court of Espoo decided on 9 March 2015 to commence the corporate
restructuring proceedings concerning Tecnotree Corporation in accordance with
the Act on Restructuring of Enterprises. 

The district court of Espoo has decided on 30 December 2015, at the request of
the administrator, to postpone the deadline so that the draft restructuring
program shall be submitted latest on 31 March 2016.  According to the former
order of the court, the draft restructuring program was to be submitted latest
on 31 December 2015. The contents of the request were as follows: 

“The administrator appointed for the corporate restructuring requests that the
district court postpones the deadline for the draft restructuring program to be
submitted to the district court so that the draft restructuring program shall
be shall submitted latest on 31 March 2016. 

Arrangements for an implementable restructuring program, as well as evaluations
and compiling of a draft restructuring program are pending and the
administrator does not consider it to be possible to submit a draft
restructuring program by 31 December 2015. 

Compiling the most meaningful restructuring program for the benefit of the
creditors requires that the on-going arrangements and evaluations will be
carefully implemented. The great majority of the personnel of the Group is in
the subsidiaries outside Europe, having implications of the corporate
restructuring. The sales are also made predominantly outside Europe. 

In the evaluations made during the restructuring proceedings so far, no
obstacles for creating an implementable restructuring program and
reorganization of the business have come up. 

The creditors’ committee has unanimously favoured postponing the deadline on
the basis presented above.“ 

Since the corporate restructuring has impacts on the financial statements of
Tecnotree, the company has decided to postpone the release of its 2015
financial results from the previously announced time 29 January 2016 by one
month till 29 February 2016. 

TECNOTREE CORPORATION


MORE INFORMATION
Ilkka Raiskinen, CEO, tel. +358 (0)45 311 3113
Ilkka.raiskinen@tecnotree.com

DISTRIBUTION
Nasdaq Helsinki Ltd
Main Media
www.tecnotree.com

About Tecnotree
Tecnotree is a global provider of telecom IT solutions for the management of
products, customers and revenue. Tecnotree helps communications service
providers to transform their business towards a marketplace of digital
services. Tecnotree empowers service providers to monetise service bundles,
provide personalised user experiences and augment value throughout the customer
lifecycle. With around 1000 telecom experts, Tecnotree serves around 90 service
providers in around 70 countries. Tecnotree is listed on the main list of
Nasdaq Helsinki with the trading code TEM1V. For more information on Tecnotree,
please visit www.tecnotree.com.