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Prepared under the leadership of RASK partner and insolvency expert Tarmo Peterson, the restructuring plan for Planet42 gained strong backing from creditors. A convincing 95% of the total claims were cast in favour of Inclusion OÜ’s restructuring plan. If approved, the company’s ownership will be fully transferred to the creditors. 

At the end of October, Inclusion OÜ’s management and restructuring adviser Tarmo Peterson from RASK presented a restructuring plan for the company’s creditors to review and vote on. The plan received overwhelming support from the creditors.

“The restructuring plan offered creditors two options – to either convert their claims into ownership or reduce their claims as outlined in the plan,” explained Peterson. Accordingly, creditors were divided into two groups, and the plan was approved by both. In terms of claim volume, the plan was supported by an overwhelming 95.4% of the creditors involved, with only 2.8% voting against and 1.8% abstaining. By individual vote, approximately 70% of creditors supported the plan. Most of those opposing the plan were creditors with small claims. Notably, 84% of the restructured claims opted for ownership in the reorganised company.

“In summary, the restructuring plan received strong support from creditors, which is a positive outcome. The fact that most creditors chose ownership reflects their confidence in the plan,” Peterson noted. “Essentially, as a result of the plan, the company will be entirely owned by the current creditors, who will have the opportunity to create value through the development and growth of the Mexican business, at least partially offsetting their losses.”

According to Peterson, the company has the necessary resources to implement the plan, and major creditors who supported it have clear plans and motivation to see it through, as they stand to benefit the most. Smaller creditors, in turn, will benefit from the contributions and efforts of the major creditors in rebuilding the business.

“If the plan is successfully implemented, it will undoubtedly be a better outcome for all creditors, including smaller ones, than bankruptcy. However, it requires time and patience. A solution whereby creditors become 100% owners of the company as a result of the restructuring is unprecedented in Estonia,” added Peterson.

The founders of Inclusion OÜ see the outcome as a positive step that offers creditors better returns than bankruptcy. “When the restructuring plan was announced at the end of October, its authors emphasised that, in the given circumstances, it was the best possible option. It’s encouraging to see that over 95% of creditors chose to support the plan,” said Eerik Oja. “I believe in Planet42’s Mexican business and remain hopeful for its success.”

The next step is to submit the approved restructuring plan to the court for confirmation. The court will verify the plan’s compliance with legal requirements, ensure the voting process was conducted correctly and address any objections from creditors. The court decision will be delivered within 30 days.