CG Grundels Fönstersystem AB applied on the 10th February 2015 for a Company reconstruction. Värmland District Court decided to grant CG Grundels Fönstersystem AB application on the same day. Lawyer Henrik Nilsson at the law firm Allians was designated as the Company reconstructor. Värmland District Court has decided on the 2d June 2015 to cease the reconstruction as the purpose of the reconstruction is achieved.
What is a company reconstruction?
A Company reconstruction is a way for companies suffering from financial difficulties to restore their financial balance. The reconstruction is going on during a period of three months at the time up to maximum of a year under supervision of the reconstructor. During this period the reconstructor is negotiating with CG Grundels AB:s creditors to decrease the amount of debt and find a solution so that the company can regain its profitability. The reconstruction is possibly completed with a deed of arrangement where the creditors cancel some of their debts by a certain percentage.
After negotiations CG Grundels Fönstersystem AB applied to complete the Company reconstruction without a deed of arrangement on the 29th May 2015. Värmland District Court decided to grant the ceasure of the reconstruction on the 2d June 2015. None of the creditors opposed to the ceasure of the reconstruction when asked about it.
Why did CG Grundels Fönstersystem AB apply for a Company reconstruction?
CG Grundels Fönstersystem AB financial situation was strained during 2014 and the company had difficulties paying their debts for a period of time.
The management of CG Grundels Fönstersystem AB has estimated that the company will regain its profitabilitity after the completed reconstruction as their goods are demanded on the market. A business reconstruction has proven more beneficial than a bankruptcy petition at this point, not least for the creditors.
What will happen now?
CG Grundels Fönstersystem AB will now carry on with their business.
How are the suppliers handled?
CG Grundels Fönstersystem AB will now carry on with their business, they will order goods and services and pay their suppliers according to customary terms of payment.
For questions regarding the reconstruction, please contact the Company reconstructor Henrik Nilsson, or lawyer Katarina Karlsson. They can be contacted on e-mail grundels@allians.se or telephone 054-15 73 10.