Finland
The low profitability of RH Entertainment Ltd’s summer 2022 festivals and the resulting turnover has driven the company into corporate restructuring, Chaoszine reported. On 20 October 2022, the District Court commenced restructuring proceedings against RH Entertainment Ltd. “The restructuring proceedings involved issues that we could not foresee. We had to pay practically all our bills in advance, both at the filing stage and after the restructuring proceedings started.
Struggling Finnish retailer Stockmann said on Monday it had sold its main department store and head office building in the heart of Helsinki to Finnish pension provider Keva for 400 million euros ($442 million) to pay off debts, Nasdaq.com reported. The 159-year-old retailer initiated a restructuring programme last year to avoid bankruptcy, after struggling for years with debt accumulated from earlier expansions and a consumer shift to online shopping.
Finland’s ruling coalition came to an agreement on spending plans, averting a collapse of the Nordic nation’s Social Democrat-led government by a thin margin, Bloomberg reported. The five-party cabinet patched up its differences, forging a common vision of how Finland’s recovery from the pandemic should take place, Prime Minister Sanna Marin said. The broad outlines of the deal are now agreed, and the government will continue hammering out the details, she said.
Struggling Finnish retailer Stockmann plans to sell and lease back its flagship department store properties located in Helsinki, Tallinn and Riga in order to save itself from bankruptcy, it said on Monday, Reuters reported. In April, Stockmann filed for corporate restructuring, a form of administration in which a court appointee is charged with restructuring the company to avoid bankruptcy.