Eversheds Sutherland Ots & Co Managing Partner Maivi Ots has been designated the reorganization adviser for proceedings related to AS Tallinna Moekombinaat, the owner and administrator of the T1 Mall of Tallinn.
In addition to regular shopping opportunities, the T1 Mall of Tallinn hosts a variety of restaurants, a cinema, a large indoor family entertainment center, and, on the roof of the mall, a Ferris wheel. The mall hosts nearly 180 lessors who employ more than an thousand people. Since its opening, close to 6 million people have visited the shopping center.
According to Eversheds Sutherland Ots & Co., on March 31, 2020, AS Tallinna Moekombinaat issued a reorganization application to the County Court in order overcome temporary payment difficulties, reasonably reorganize encumbrances, and increase its profitability. On April 3rd, 2020, the Court issued an order to initiate the reorganization, in the process designating Ots as the reorganization adviser for the proceedings.
According to Eversheds Sutherland Ots & Co, "the reorganization will in no way affect the everyday economic activities of the Mall or its lessors and business partners – this means that once the restrictions imposed by the Estonian Government are lifted, the T1 Mall of Tallinn will be reopened and normal activities will resume. The purpose of the reorganization is to ensure the continuation of everyday activities of the mall by protecting the rights and interests of investors, workers, creditors, and business partners."