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Cobalt Advises AS Baltika on Successful Reorganization Proceedings

Cobalt Advises AS Baltika on Successful Reorganization Proceedings

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Cobalt has advised AS Baltika on the reorganization proceedings that were approved by the court.

According to Baltika’s CEO Flavio Perini, "[we] now have the support of banks, investors, creditors, and the court to quickly implement their turnaround plan and Baltika is and will also remain in the future part of the Estonian economy, and [we] will gather all [our] strength to make this company profitable again."

The Baltika Group is a Baltics-based clothing company that owns 79 stores in Estonia and neighboring countries and employs 495 people.

Cobalt's team included Managing Partner Jaanus Mody and Senior Associate Annika Jaanson.

Editor's Note: On August 31, 2020, Cobalt announced that AS Baltika's reorganization plan had entered into force on August 26, 2020. According to Cobalt, “the entry into force of Baltika's reorganization plan means that approximately 500 jobs have been saved in the Baltics (the vast majority of them in Estonia). About 150 partners can continue cooperating with Baltika. A company that has made a great social contribution and has a remarkable heritage lives on.”