Oy Teboil Ab filed an application for reorganization proceedings with the district court of Länsi-Uusimaa on Friday, according to the insolvency register of the Court Register Center.
A company in financial difficulties can apply for a restructuring procedure to ease the situation. In order to enter the procedure, the company must be threatened with insolvency.
Teboil drifted into crisis when its parent company Lukoil was placed under US sanctions. In addition, the administration of Åland has threatened to impose substantial fines on Teboil for breaching the distribution obligation.
In debt restructuring, a restructuring program is created for the company, with the help of which it tries to get its finances in such a state that it can continue business operations. The procedure can take several years.
The restructuring procedure cannot be started if the company does not have the conditions to continue.