Newsroom
Avelon has secured stronger financial position
Avelon Group is pleased to announce that it has agreed a new financial package with its stakeholders to strengthen its financial position. This is an important step in securing company´s financial position during the recession and completing a successful restructuring of Avelon Group’s balance sheet. The stakeholders have supported the group both through conversion of existing loans to equity-like instruments and injection of cash resulting in a solid balance sheet with an equity ratio (incl. equity-like instruments) in excess of 40 %. The arrangement has been completed in the end of June.
“Since January 2009 we have had an intensive focus on restructuring our operations to meet the highly challenging market conditions. By lowering our cost base, right-sizing our resources with lower volumes and selectively scaling down our presence in non-core markets in the Baltics countries and Denmark, we have made Avelon a leaner, more competitive company. Now, six months later we can see clear results and are comfortable that the chosen direction is right”, comments Patrik Puskala, Managing Director of Avelon Group.
“This arrangement will definitely support our target to be the most attractive service provider to our customers in our core markets Sweden, Finland and Russia. Coupled with the strong actions we have taken, this will put us in a solid position to gain opportunities such as our new technical facility in Nurmijärvi, Finland, which will be start operation in August”, he continues.
Further information:
Patrik Puskala, Managing Director, Avelon Group, tel. +358 50 5944 085
Print