Skip to main content

Harju County Court has declared the bankruptcy of AS Tallinna Moekombinaat and appointed bankruptcy trustees

Written by Customer Service on . Posted in Public Companies.

 

Harju County Court has declared bankruptcy of subsidiary of AS Pro Kapital Grupp – AS Tallinna Moekombinaat – and appointed Kristo Teder and Indrek Lepsoo as bankruptcy trustees. The first general meeting of the creditors will be convened on 17 June 2021.

AS Pro Kapital Grupp has previously announced that upon the declaration of bankruptcy, control over the subsidiary will be lost and the group will discontinue consolidation of financial indicators of the subsidiary. In the interim report for the first quarter of 2021, which was published on 31 May, the Company announced that AS Pro Kapital Eesti has written off an investment into subsidiary in amount of 13 million euros due to negative equity of TMK and as a result of adjusting event also receivables in the total amount of 26 million euros as at 31 December 2020. Discontinuing consolidation has an influence to the consolidated financial statements in amount of 26 million euros related to written-off receivables. As of 30 April, the subsidiary’s equity was negative in amount of 56 million euros. Derecognition of the subsidiary’s negative equity has a positive effect to the consolidated financial statements. Considering the minority interest portion, the estimated total impact on the Company’s consolidated financial statements at the end of April was an increase of 26 million euros in equity of the group. Exact impact will become clear when the subsidiary’s financial reports of May and June are completed as the Company continues consolidation until 2 June 2021.

 

  

Allan Remmelkoor
Member of the Management Board
+372 614 4920
prokapital@prokapital.ee

 

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.