Plantagen reach important milestone in reconstruction process
Announcements
On August 22nd this year, reconstruction processes for Plantasjen in Norway and Sweden were initiated. Today, the company announces that an important step has been taken as reconstruction proposals have been submitted to creditors in Norway for approval. At the same time, a petition for negotiations will be submitted to Västmanlands District Court in Sweden. The proposals are well-supported by creditors and restructurers, and there are good prospects for final approval by the creditors and confirmation by the courts.
Since the reconstruction opening on August 22, the goal has been to ensure continued operation for Plantasjen in both Norway and Sweden. As part of this process, the companies are now, on December 20, presenting reconstruction proposals in the respective countries. These proposals are anchored with creditors, reconstructors, and the reconstruction committee following the Norwegian process.
- I am very pleased that we have now reached this milestone. The proposals we have put forward form the basis for a financially robust and operationally stronger Plantasjen. The recent months have been characterized by great uncertainty, and I want to extend a big thank you to all employees for their invaluable efforts. I am impressed by how they have worked hard to provide our customers with the best experience, says Jesper Lien, CEO of Plantasjen Group.
Assuming the reconstruction proposals presented today are approved and become legally binding, which is expected in mid-February 2025, Plantasjen will have a solid foundation for further operations. The goal is to focus on the garden centers that are profitable and ensure the company's long-term viability.
- This is an important milestone for Plantasjen as a company and especially for our customers. The proposals are a result of constructive dialogue with our stakeholders, where the majority has shown great willingness to contribute to a long-term and sustainable solution. This gives us the opportunity to continue to strengthen our position as the leading plant and garden center chain in our markets. The stores are now well underway with Christmas shopping, and we look forward to welcoming customers to our retail network, concludes Jesper Lien.
For further information, please contact:
Hege Merete Myhre,
Plantasjen Norge AS
hege.merete.myhre@plantasjen.no
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Announcements