Finland

Finland’s Ahtium Oyj, previously named Talvivaara Mining Company, which ran a troubled nickel mine in northern Finland, has filed for bankruptcy after failing to secure financing for future projects, it said on Tuesday, Reuters reported. Ahtium is the former owner of the mine that leaked waste water in 2012 and faced serious production problems, prompting the Finnish government to take control of the mine in 2015 in an effort to protect local jobs and the environment.

Finland’s economy suffered its worst performance in five years in the second quarter of the year, falling into contraction for the first time since the depth of its woes back in 2012. A measure of adjusted year on year GDP fell 0.5 per cent in the three months to June, down from growth of 2.5 per cent at the start of the year, according to Statistics Finland. Outside the southern European member states, Finland has been one of the worst performing economies in the single currency area over the last decade.

Finland’s economy stagnated in the last quarter of the year, with GDP growth falling flat at just 0 per cent in the three months to the end of December, the Financial Times reported. Outside its peers in the southern eurozone, Finland’s economy has been one of the worst performing in the 19-member bloc since the financial crisis struck in 2008.

The Finnish-owned Hong Kong chain of discount stores applied to the Espoo District Court on Thursday for debt restructuring. The company’s 2016 books recorded 1.3 million euros in losses. The chain’s 27 department stores, most of which are located in the southern half of the country, will stay open during the proceedings. The Finnish chain of discount department stores that operate under the name Hong Kong has applied for debt restructuring in the face of major financial difficulties.

Finnish metal component maker Componenta is seeking debt restructuring after failing to get funding to cover mounting losses in its Netherlands subsidiary, it said on Thursday. Componenta, which makes cast components for vehicle and machine manufacturers, said it was filing for restructuring for the Finnish parent company and Swedish subsidiaries and the Dutch subsidiary was filing for bankruptcy. Its subsidiary in Turkey, Componenta Dokumculuk Ticaret , will continue operations after securing local financing.

Finland's Talvivaara Mining Company said on Friday it may face bankruptcy following the Finnish government's decision to pull back from a deal relating to a troubled nickel mine in northern Finland. Talvivaara is the former owner of the mine which leaked waste water in 2012 and faced serious production problems, prompting the government to take control of it last year in a bid to protect local jobs and the environment.

Finland's Santa Claus Office has been declared bankrupt over unpaid taxes after a sharp drop in visits from recession-hit Russians, once the centre's best customers. But Managing Director Jarmo Kariniemi said he believed the company, which employs around 20 people, could yet avoid closure over its 200,000 euro ($223,980) tax bill. "We have one more week to come up with the money. I'm confident that we can handle this," said Kariniemi, whose firm offers the chance to be photographed with Santa for a fee.

The Finnish government plans to inject a further 112 million euros ($126 million) into restructuring troubled nickel mine Talvivaara after a potential buyer failed to arrange financing, a minister said on Wednesday, Reuters reported. Talvivaara's listed parent company is going through debt restructuring while its key subsidiary, which owns the mining assets, last year applied for bankruptcy protection following a drop in nickel prices, repeated production disruptions and environmental damage.

Tecnotree, a small Finnish firm that offers IT services to telecom operators, on Thursday said it will apply for debt restructuring due to its prolonged financial problems and delayed payments from projects in Latin America. "Significant part of the company's customers operate in countries where central banks restrict the availability of currency, for which reason the payments to the company are delayed," it said in a statement. The company's biggest customer groups are American Movil in Latin America and MTN Group in Africa.

Finland has emerged as the biggest stumbling block to negotiating a new bailout deal with an incoming Greek government, telling its eurozone partners that it will not support debt forgiveness and is reluctant to back another extension of the €172bn rescue, the Financial Times reported. In an interview, Finland’s prime minister said he would give a “resounding no” to any move to forgive Greece’s debts and warned that a new government in Athens would have to stick to the terms of the existing bailout.