Inside information: Dovre Group Plc has filed for bankruptcy with the Länsi-Uusimaa District Court today

The board of directors of Dovre Group Plc (“Dovre” or the “Company”), which is in restructuring proceedings, has decided to file for the Company’s bankruptcy. Dovre has filed for bankruptcy with the Länsi-Uusimaa District Court today.

Attorney Robert Peldán, the administrator in Dovre’s restructuring proceedings, has informed the Company that he does not support the reverse listing arrangement proposed by Dovre. In the administrator’s assessment, the planned arrangement and the reduction of debts in the restructuring proceedings cannot be reconciled. The administrator has stated that he will not prepare a proposal for a restructuring program and has urged the Company to consider filing a bankruptcy petition.

Dovre's board of directors notes that Dovre's assets have been sold through voluntary transactions on more favorable terms than would have been achieved in bankruptcy proceedings. However, the Company’s liabilities exceed its assets due to, among other things, liabilities arising from parent company guarantees. Furthermore, the Company lacks the prerequisites to continue its business operations without acquiring new business. A reverse listing and debt reduction in the restructuring proceedings would have made it possible to continue the business operations.

Dovre’s board of directors has assessed that, in the current situation, there are no prerequisites for continuing the restructuring proceedings.

Further information 
Dovre Group Plc 
Kalervo Rötsä, Chairman of the Board 
Tel. +35840 560 9891 
kalervo.rotsa@dovregroup.com 

Distribution 
Nasdaq Helsinki 
Major media outlets 
www.dovregroup.com