Talvivaara Mining Co Negotiations On Ahtium's Business Projects And Financing Discontinued - The Company Applies For Bankruptcy
March 06 2018 - 1:28AM
UK Regulatory
TIDMAHT
Stock Exchange Release
Ahtium Plc
6 March 2018
Negotiations on Ahtium's business projects and financing discontinued
The Company applies for bankruptcy
The Board of Directors of Ahtium Plc ("Company") has decided to file the
Company into bankruptcy. The Company has, particularly since the
completion of its corporate reorganization proceedings on 2 June 2017,
actively developed its business projects in the field of circular
economy and energy-saving technology as well as sought new businesses,
which when combined with the Company's existing business projects and
core knowledge would have created a basis for acquiring new financing.
Despite the good progress made, the Company did not have enough time to
turn the projects into positive cash flow or to reach an agreement on
the acquisition of new businesses, sometimes due to reasons outside the
control of the negotiating parties.
The Chairman of the Board Tapani Järvinen: "During the last four
years, the Company has been able to complete the corporate
reorganization proceedings and clean up its balance sheet, but
unfortunately developing the Company's own business projects, acquiring
new businesses and securing financing for these actions proved an
overwhelming task with the available time and resources.
The Board of Directors and the management of the Company have done, with
fairly limited resources, their utmost to diligently carry out the
numerous legal actions required under the corporate reorganization
proceedings and simultaneously to identify and develop new business
opportunities. No stone has been left unturned. The Board of Directors
and the entire staff of the Company have taken part in substantial cost
saving measures in order to continue developing the Company's
operations. The interest of the Company and its stakeholders has all the
time remained the most important driver of the Company's Board of
Directors and its management."
Enquiries
Ahtium Plc Tel +358 20 7129 800
Tapani Järvinen, Chairman of the Board of Directors
Ahtium applies for bankruptcy:
http://hugin.info/136227/R/2173800/838187.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Ahtium Oyj via Globenewswire
http://www.talvivaara.com
(END) Dow Jones Newswires
March 06, 2018 01:28 ET (06:28 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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