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The Extra General Meetings of Due2Energy Oy, KPA Unicon Group Oy and KPA Unicon Oy have 13.3.2023 decided to apply for the corporate debt restructuring procedure. The applications have been submitted to the Oulu District Court.
KPA Unicon and its owners estimate that the restructuring will enable the restructuring of KPA Unicon’s project liabilities and liabilities that are in difficulty in delivering and various strategic options to be assessed. KPA Unicon aims to continue its business and serve its customers normally also during the corporate restructuring.
Elements affecting KPA Unicon’s liquidity
In its financial statements bulletin published on 3.3.2023, Partnera has stated that KPA Unicon’s situation is weak in terms of liquidity and that there is material uncertainty related to its financing, which may affect the continuity of operations. Partnera has also announced that it is exploring strategic options for its ownership in the company.
KPA Unicon’s business development has been weakened by delivery difficulties in long-term international total project deliveries. The progress of projects has been distracted by travel restrictions and rising costs caused by the coronavirus pandemic. Due to delays on projects and the cancellation of the Danish project, KPA Unicon’s need for working capital has increased and led to poor liquidity.
For more information:
KPA Unicon Group Oy and KPA Unicon Oy
Matti Huttunen, CEO
phone: +358 45 6195 128
Due2Energy Oy and its subsidiaries KPA Unicon GroupOy and KPA Unicon Oy apply for corporate debt restructuring
Changes in KPA Unicon Group Management
Matti Huttunen has been appointed as the new Managing Director of KPA Unicon Group as of 16 January 2023.
KPA Unicon delivers two steam boilers to Pfeifer&Langen sugar factory in Poland
A coal-fired sugar plant replace with a Unicon MST steam gas boiler.