On August 22, reconstruction processes for Plantagen in Norway and Sweden were initiated. Today it is announced that the companies involved have taken the next step in their processes and submitted proposals for debt settlements to creditors in Norway for voting, and will request a plan negotiation in Västmanlands District Court in Sweden. The proposals are well-received by creditors and restructurists, with good prospects for final approval by creditors and approval by the respective courts.
Since August 22, 2024, Plantasjen Norge AS and Plantagen Sverige AB have been under reconstruction to ensure the continued operation of the businesses. As part of the reconstruction plans, the companies concerned are today, December 20, submitting proposals for debt settlements in both countries. The proposals are endorsed by creditors and the administrator in each country, as well as the reconstruction committee overseeing the Norwegian process.
"I am very pleased that we have reached this milestone, which lays the foundation for a financially sustainable and operationally stronger Plantagen. The past months have been marked by great uncertainty and I want to thank all employees for their invaluable contributions - I am impressed by how they have rolled up their sleeves and focused on providing customers with the best experience," says Jesper Lien, CEO of Plantasjen Group.
Assuming the debt settlements announced today are finalized and become legally binding, which is expected to occur by mid-February 2025, Plantasjen Norge AS and Plantagen Sverige AB will be given good conditions to ensure the viability of the companies and focus on the profitable garden centers.
This is an important milestone for Plantagen as a company and especially for our customers. The proposals are the result of constructive dialogue, where the majority of our stakeholders have shown willingness and interest in ensuring a long-term sustainable solution. This gives us the opportunity to continue building our position as the leading plant and garden center chain in our markets. The stores are now fully engaged in the Christmas shopping season, and we look forward to welcoming customers in our store network,” says Jesper Lien, CEO of Plantasjen Group.
For further information, please contact:
Hege Merete Myhre,
Plantasjen Norge AS
hege.merete.myhre@plantasjen.no