The Swedes seem confident Lars will save Northland He will save Northland
LULEÅ.
Attorney Lars Söderqvist has previously tried to save Saab. Now he will get back Northland Resources on its feet.
He himself will be in the hunt for financiers.
- We have some contacts that the company does not have.
Excerpts from Northland Application for reconstruction
"The successful completion of the reorganization is also expected to be of particular importance in order to save the large amount of jobs available in the company, which is of particular importance for Norrbotten and specifically the area around Pajala where operations primarily conducted".
"Companies reconstruction is of great importance for the company as it creates a grace period for the Company to complete the ongoing negotiations with bondholders and new investors in terms of a longer-term financing of the Company and its funding."
"The company's business concept is sound and it is the Board's firm belief that a reorganization will lead to an increased risk for the Company's creditors to finally receive payment for their claims."
In late 2011 came the lawyer into a crisis-like situation for Saab. The mission was to save the automaker. What happened to know all about.
Now he, at the request of Northland Resources itself, saving the mining company from bankruptcy.
- My clear point is that this reconstruction to succeed. I'm not totally unfamiliar with situations of this nature.
However, according to Lars Söderqvist speaks to the company's future.
- Matter of time, the challenge here. But with the experience we have, we are a little quicker to contribute constructive ideas. There are now a number of different tracks that must be pursued simultaneously.
Contacts and experience
According to Lars Söderqvist, his law firm the contacts needed for Northlands management. And the experience they lack.
- Some contacts have we as a company does not have. But the important thing is that management will lead the negotiations. Management is more unfamiliar with these situations than I am.
What now happens when reconstruction is granted to claims before the decision is frozen.
- There is no payment from them. But the credits listed in the reorganization have a special position and goes before older debts. Work is now safer than ever, he says.
In this way, the new financiers are attracted to the project.
- Those who are now intervening to ensure the company's survival will get paid.
Solution - with good conditions
But the starting point of the reconstruction is that all creditors will be paid. Sooner or later.
- It will not only be a financial, but it should be on good terms.
Lars Söderqvist hope that reconstruction will be short. A review will also be on the agreements it signed.
- To the extent that there are conditions that now in peace, negotiate better commercial terms, it will happen.