The majority of Makia’s debts were pardoned in a reorganization proceeding

Creditors They decided to have more than three quarters of the debt of Makia Clothing, a clothing company in a corporate reorganization.

The Helsinki District Court made a decision on the matter on Friday, February 21, on Friday.

It states that unsecured creditors receive 21.87 % of their debts.

That distribution share is EUR 1.6 million for total debt of approximately EUR 7.3 million.

Two creditors had opposed this division, but it did not affect the court’s decision.

A lawyer was appointed as the supervisor of the renovation program Mikko Tiilikka.

“The goal is for all debts to be paid,” Tiilikka says, reminding of the additional contributions that the caution -based renovation program contains.

The additional contribution means that if the companies in the renovation will do well in the future, creditors can still get all their money back at best. If companies are less successful, creditors will have to settle for the proportions mentioned in the district court’s decisions.

Curses The reorganization procedure is related to the application for renovation in October 2023 of the Brand House Manna & Co. 2023 on behalf of the parent company and its subsidiaries.

Manna & Co was founded in 2021, when Finlayson, a home textile company Makia and Vallila Interior, a clothing company, merged.

In the spring of 2022, Manna & Co bought a Swedish Lifestyle brand Lexington, which focuses on luxurious home products and textiles. As interest rates rose.

The interest costs of Lexinton, bought by loan money, drove Manna & Co and its subsidiaries for the reorganization process in Finland.

Lexinton is not in the reorganization process, but will continue to operate as an independent limited liability company in Sweden

Manna Chairman of the Board of & Co. Risto Voutilainen tells HS that on Friday, the District Court also received a decision on Finlayson’s renovation program.

In addition to these, just over a week ago, a decision came to the reorganization program of the Vallila Interor Contract company, which focused on corporate sales.

According to Voutilainen, the renovation program of Vallila Collection, the second subsidiary of Vallila Interior, which focuses on consumer sales, will be confirmed within two weeks.

The proposal for the renovation program of all of these subsidiaries, Manna & Co, has not yet been announced.

Through his two holding companies, Voutilainen owns 44 % of Manna & Co shares and 51 % of the vote.

He estimates that, on average, about two thirds of the debts of the subsidiaries will be cut.

“But all have additional shares for creditors if the business goes better than expected.”

Voutian says that subsidiaries have significantly improved their profitability over the past year.

For example, Finlayson’s profit improvement compared to the previous year is approximately EUR 1.5 million. Makia’s profit is about EUR 1.3 million better than last year, says Voutilainen.

“Special thanks are for the staff. The result has been made. The direction is clear. ”

Voutilainen praises the renovation procedure in many ways. Only the cost of the process is horrified.

“EUR 1.3 million has passed. It’s a really expensive procedure. ”

Correction 21.2.2025 5:50 pm: Names of the subsidiaries of Vallila Interior.