Lehto Group Plc, inside information: The subsidiaries of Lehto, Lehto Asunnot Oy, Lehto Tilat Oy and Lehto Korjausrakentaminen Oy, decide to file for bankruptcy
Lehto Group Plc
Inside information
6 February 2024 at 9.00 a.m. (Finnish time)
The Boards of operative subsidiaries of Lehto Group Plc (“Lehto”), Lehto Asunnot Oy, Lehto Tilat Oy and Lehto Korjausrakentaminen Oy, have today decided to file bankruptcy applications. Subsidiaries of Lehto, Lehto Components Oy and Insinööritoimisto Mäkeläinen Oy, will continue their operations.
Lehto is currently reviewing options for continuing business operations, disposal or restructuring of the parent company as well as remaining subsidiaries, including the review of the prerequisites for corporate restructuring of the parent company as well as transition into new areas of business.
Lehto has tried to find different restructuring solutions to be able to make it in this challenging market situation in the construction industry. On 18 December 2023, Lehto announced the failure of the transaction to sell its operative subsidiaries. At the same time, Lehto estimated that without any further financing or funds from new projects, the company will not be able to fulfil its payment obligations during the whole first quarter of 2024. The subsidiaries filing for bankruptcy don’t have sufficient funding to continue operations.
Lehto Asunnot Oy, Lehto Tilat Oy, and Lehto Korjausrakentaminen Oy cover practically Lehto’s whole housing construction and business premises construction businesses and thus they make up most of the net sales of Lehto Group.
Lehto Group Plc
Board of Directors
Further information:
Juuso Hietanen, CEO
+358 50 343 4023