The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Construction Construction Of Buildings And Infrastructure Engineering Construction Of Buildings 41.2 - Construction Of Residential And Non-Residential Buildings
314 jobs Number of planned job losses
Announcement Date
8 February 2024
Employment effect (start)
8 February 2024
Foreseen end date
Description
Lehto Asunnot, a residential construction subsidiary of the construction conglomerate Lehto Group has been declared bankrupt.
The Boards of operative subsidiaries of Lehto Group Plc filed for bankruptcy on 6 February 2024. The background to the bankruptcy is the challenging market situation in the Finnish construction industry. In 2023 Lehto's operating result fell to € 23.5 million compared to 2018.
Lehto has tried to find different restructuring solutions for the subsidiaries without success. On 18 December 2023, Lehto announced that attempts to sell subsidiaries had failed. Simultaneously, Lehto believed that without any further financing, the company would not be able to fulfil its payment obligations during the first quarter of 2024.
Eurofound (2024), Lehto Asunnot, Bankruptcy in Finland, factsheet number 200801, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200801.
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