Inside information: Due2Energy Oy and its subsidiaries KPA Unicon Group Oy and KPA Unicon Oy, part of the Partnera Group, have decided to file for bankruptcy

Partnera Corporation
Company release, Inside information
16 May 2023 at 9:00 a.m. EEST

Unofficial translation of the company release on 16 May 2023 at 9:00 EEST. In case the document differs from the original, the Finnish version prevails. 

Inside information: Due2Energy Oy and its subsidiaries KPA Unicon Group Oy and KPA Unicon Oy, part of the Partnera Group, have decided to file for bankruptcy

The Boards of Due2Energy Oy and its subsidiaries KPA Unicon Group Oy and KPA Unicon Oy, which are part of the Partnera Group, have decided to file bankruptcy petitions to the Oulu District Court on 16 May 2023.

On 13 March 2023, Partnera Corporation announced the decisions of Due2Energy Oy and its subsidiaries KPA Unicon Group Oy and KPA Unicon Oy to file for bankruptcy. On 22 March 2023 and 6 April 2023, Partnera Corporation announced the opening of restructuring proceedings for KPA Unicon Oy and Due2Energy Oy and KPA Unicon Group Oy, respectively.

The restructuring administration of the companies has taken the position that there is a ground for the suspension of the proceedings as provided for in the Act on Company Restructuring. The companies are insolvent and, according to the explanations provided by the restructuring administration, it is likely that the insolvency cannot be eliminated by means of a restructuring program. Moreover, there is a pronounced risk that the conditions for the establishment or confirmation of the companies' restructuring programs are not met.

According to the restructuring administration, it is likely that the completion of KPA Unicon Oy's unfinished projects would tie up the working capital of KPA Unicon Oy, KPA Unicon Group Oy and Due2Energy Oy. The companies' liquid assets would probably not be sufficient to pay the debts arising after the opening of the procedure when they fall due. The continuation of the proceedings would increase the liabilities of the companies and thus weaken the position of their creditors.

VKK Power Oy has made an indicative offer for the acquisition of certain businesses of KPA Unicon Oy and KPA Unicon Group Oy in Finland, including the operations of the Kiuruvesi site. The Board of Directors of Due2Energy Oy recommends that the transaction be negotiated and completed on the basis of the indicative offer. If the bankruptcy petition is approved, the execution of the business transaction will be referred to the bankruptcy administration for a decision. The potential business transaction is not expected to have a material financial impact on Partnera.

Partnera owns 70% of Due2Energy Oy and Prounicon Service Oy 30%. KPA Unicon Group Oy and KPA Unicon Oy are wholly owned subsidiaries of Due2Energy Oy.

The bankruptcies are currently not expected to have a negative impact on the Partnera Group's results for 2023.

Additional information

Partnera Corporation
Jari Pirkola, CEO
telephone: +358 400 867 784
e-mail: jari.pirkola@partnera.fi

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