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Ettevõte AS BALTIKA
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Avaldamise aeg 21 mai 2020 09:31:39 +0300
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Valuuta
Pealkiri The reorganization plan of Baltika was accepted by the creditors
Tekst
On  27 March 2020, Aktsiaselts BALTIKA (hereinafter  ?Baltika") announced to the
public  that it submitted a reorganization application to Harju County Court and
on  26 March  2020, the  court  decided  by  a ruling to commence reorganization
proceedings.

On  30 April 2020, Baltika announced that it had submitted a reorganization plan
prepared   in   Baltika's  reorganization  proceedings  for  acceptance  to  the
creditors.  Baltika also published  a brief summary  of the reorganization plan.
The  creditors were asked to cast their vote on the reorganization plan no later
than on 20 May 2020.

In  connection with the above, Baltika announces that as a result of the voting,
the  reorganization  plan  is  accepted  by  the  creditors. On the basis of the
reorganization  plan of Baltika, the  creditors were in two  groups and also the
voting  therefore took place in two groups.  Of the Group I creditors, 66.67% of
the  creditors voted  in favor,  and the  votes determined  on the  basis of the
volume  of claims  accounted for  99.61% of all  Group I  votes. Of the Group II
creditors,  82.76% of the creditors voted in  favor, and the votes determined on
the  basis of the volume  of claims accounted for  68.86% of all Group II votes.
According  to the Reorganization Act, a reorganization plan shall be accepted if
at least half of all the creditors who hold at least two-thirds of all the votes
(i.e volume of claims) vote in favor. If creditors are divided into groups, this
requirement must be met in all groups.

Baltika  will submit  the reorganization  plan accepted  by the creditors to the
court  for approval no later  than on 25 May 2020. A  creditor who voted against
the  plan has  the right  to submit  an application  for refusal  to approve the
reorganization   plan.   The   court   shall  decide  on  the  approval  of  the
reorganization  plan within 30 days after the  receipt thereof, by assessing the
fulfilment  of different procedural requirements and other aspects deriving from
the  law. The  ruling to  approve the  plan can  be disputed  by a creditor, the
ruling  by which  the approval  of the  plan is  refused, can be appealed by the
company under reorganization.

If  the court  decides to  approve the  plan, Baltika  will start to enforce the
measures  described  in  the  plan,  including  paying  the debts that have been
included  in the plan according to the  reorganization plan. The approval of the
reorganization  plan  would  give  Baltika  a  chance  to overcome the temporary
economic  difficulties  and  continue  the  operations  of an important historic
clothing textile company, also preserve the jobs of more than 500 people.

Baltika's management is thankful to the creditors for their support.

Maigi Pärnik-Pernik
Member of the Management Board
maigi.parnik@baltikagroup.com
(https://www.globenewswire.com/Tracker?data=GDF4io6NaWPhtHKMkjH5pIkvUAH4tC90-
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