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Cobalt Helps Luminor Bank Obtain Termination of Reorganization Proceedings of Estonian Dumpling Producer

Cobalt Helps Luminor Bank Obtain Termination of Reorganization Proceedings of Estonian Dumpling Producer

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Cobalt has helped Luminor Bank request the termination of the reorganization proceedings of dumpling producer Uvic.

According to Cobalt, "the reorganization was intended to postpone the payment of the bank's claim of more than EUR 9 million for ten years. Due to numerous abuses by Uvic, the court terminated the reorganization proceedings that began back in 2017, also refused to initiate new reorganization proceedings, and on the 18th of June, 2020, at the request of Luminor Bank, declared Uvic bankrupt."

The court found that instead of actual reorganization, company assets were redirected from the company without the knowledge of the creditors.

Cobalt's team consisted of Senior Associate Kristina Schotter.

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