Oboya is granted corporate restructuring in Sweden

16 Jun 2020

Oboya Horticulture Industries AB announces that Alingsås District Court has granted the application for corporate restructuring. The Swedish subsidiaries Oboya Horti Supplies AB and Cofa Plastics AB have also been granted corporate restructuring of Alingsås District Court respectively Södertörn's district court.

 

The reason for the corporate restructuring is the emergency liquidity crisis that arose as a result of the companies' main lender Swedbank blocking all unutilized credit, and managed as meaning to Oboya Sweden stood completely without much liquidity to pay overdue debts. Swedbank has justified their action by the fact that there is a risk that the companies will not be able to pay their debts why the bank collateral is no longer adequate.

 

The purpose of the application for corporate restructuring is primarily to give the companies time to resolve the liquidity crisis and explore different opportunities to strengthen the companies' financial position.

 

The Board and company management continue to lead Oboya Horticulture Industries AB as well as the subsidiaries during the restructuring.

 

Martin Bergander, attorney from Wesslau Söderqvist Law Firm, has been appointed as reconstructor.

 

Erik Penser Bank AB is Oboyas Certified Adviser at Nasdaq First North Growth Market.
Phone: + 46 8-463 83 00, E-mail: certifiedadviser@penser.se

 

For more information, please contact


Peter Wallin, VD Oboya Horticulture Industries AB
Phone: + 46 763 370727
E-mail: peter.wallin@oboya.se

 

"This is information that Oboya Horticulture Industries AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 09:30 CEST on June 16, 2020.”

 

Press release 2020-06-16: Oboya Is granted corporate reconstruction

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