Antti Nyberg (Alanko)Partner | Helsinki
Hannes Snellman has extensive experience in both domestic and cross-border restructuring and insolvency matters and provides a broad range of legal, strategic, and commercial advice involving financially distressed companies. We represent debtors, creditors, bondholders, investors, boards of directors, auditors, and creditors’ and equity holders’ committees in complex corporate restructurings, bankruptcies, pre-insolvency workouts, and in bankruptcy planning, negotiations, and litigations. Our Helsinki team also act as trustees and administrators. The Helsinki and Stockholm offices work in close collaboration with our M&A, finance, tax, IP and tech, employment, and litigation practices to provide a complete and comprehensive service to the firm’s clients.
Hannes Snellman acted as counsel to NYAB Finland Oy in court proceedings to contest the termination of two construction contracts, relating to construction of a water treatment facility, where NYAB Finland Oy was the contractor and the City of Mikkeli was the employer. Mikkeli terminated the contracts mid-construction in March 2020. In December 2022, the Etelä-Savo District Court ruled that Mikkeli had no grounds for termination and awarded NYAB Finland Oy EUR 8.8 million (out of a claimed EUR 9.3 million) in damages, unpaid work, and costs, plus interest. Following the District Court ruling, the parties agreed on a settlement, whereby Mikkeli does not appeal and pays NYAB Finland Oy the sums awarded by the District Court plus interest up to a total of EUR 9.2 million.
Eltel AB’s EUR 25 million issue and listing of sustainability - linked hybrid capital securitie
EUR 25 million
Counsel to Eltel AB
Acted as Mash Group Oyj’s interim restructuring administrator.
Counsel to a non-Swedish company in the bankruptcy of its Swedish key counterparty
The Supreme Court decided the question of whether the bankruptcy estate is obligated to prepare an account to the mortgagee without delay after the sale of a parcel of real property registration unit, or alternatively, only after the real property registration unit is sold in its entirety under circumstances where allegedly the sold part could be of more value than the whole unit if sold unparcelled. Upholding the decisions of the lower courts, the Supreme Court came to the conclusion that the account and related payment must be made immediately after the sale of any part of the pledged property.
Administrator of Moventas Santasalo Oy, a large Finnish manufacturer of industrial gears. The administrator's proposal for restructuring programme was exceptionally based on a sale of debtor company's shares and it was approved in a path breaking expedited proceedings. The mandate of the administrator was followed by that of a joint supervisor for Moventas Wind Oy and Moventas Santasalo Oy.
Acted as the restructuring administrator of Finndomo Oy, a major manufacturer of prefabricated houses. The mandate of the administrator was followed by that of a supervisor for the observance of the restructuring programme verified by the court.
Counsel to an Asian based company in a complex cross border arbitration proceedings against a Finnish company undergoing liquidation proceedings conducted under the Arbitration Rules of the Finland Chamber of Commerce.
Counsel to major Swedish industrial company in a reorganisation of its strategic counterparty, 2018
Counsel to a Finnish bank in a series of litigation against a company and the owner of the company in connection with collection of receivables, bankruptcy filing and enforcement of court judgements.
Counsel to a major foreign bank in an insolvency related complex cross border dispute against foreign companies regarding enforcement of secured assets located in Finland in accordance with the Finnish Enforcement Act.
Counsel to a Finnish Group of Companies in connection with the Insolvency of their Swedish Subsidiaries, 2017
Acted as public receiver nominated by the Bankruptcy Ombudsman in the bankruptcy of Kromipinta
Counsel to an international bank syndicate as a member of Creditors' Committee in an unique and complex cross border restructuring of a group of companies undergoing simultaneous formal restructuring proceedings in Finland and Sweden.
Counsel to a Swedish company within the public sector in connection with the company reorganisation of its counterparty, 2016
Counsel to a bankruptcy estate of a limited liability company in its pending claims against the managing director, Board members and auditors of the company regarding compensation for losses caused by the respondents.
Acted as the sole administrator for more than 10,000 creditors in the first large bankruptcy procedure under the new Finnish bankruptcy law, Töölö Travel Agency Ltd.
Acted as the administrator for more than 200,000 creditors in the largest-ever restructuring of a Finnish conglomerate, Eka Corporation.
Counsel to lessor creditors as the chairman of the creditors’ committee in one of the largest and most complex ongoing bankruptcy proceedings in Finland.
Counsel to a company Investing the possibilities to do a Debt-to-Equity Swap in a Swedish company