2025 Jan 17
AS PlusPlus Capital appeal to Supreme Court was not admitted
Tallinn, Estonia, 17 January 2025. PlusPlus Capital (“PPC”), a leading pan-Baltic and Finnish technology-driven receivables management group, announces that the Estonian Supreme Court did not admit the company’s appeal for the approval of the reorganisation plan of its parent company, AS PlusPlus Capital.
As previously disclosed on December 6, 2024, AS PlusPlus Capital sought court’s approval for its reorganisation plan, which had received approval from approximately 95% of votes covered by the plan. Despite this strong backing, the plan was earlier rejected by the Harju County Court and subsequently by the Tallinn Circuit Court, prompting the appeal to the Supreme Court.
Following the Supreme Court’s ruling, the case returns to the Harju County Court, where, as of October 4, 2024, bankruptcy proceedings were initiated. The court-appointed interim trustee will now prepare a detailed report to assess the situation.
In light of these developments, PPC’s management will engage with the interim trustee to evaluate the situation and explore potential next steps. The company remains committed to constructive dialogue with creditors to seek a solution that avoids bankruptcy proceedings, which PPC firmly believes would harm the interests of both creditors and the company.
PPC reiterates its dedication to achieving a solution that safeguards stakeholders interests and ensures business continuity. The company will keep creditors and stakeholders informed as further developments occur.
Contact:
PlusPlus Capital
Kaarel Raik, Member of the Management Board
Email: kaarel.raik@plusplus.ee
Phone: +372 56 606 148
About PlusPlus Capital:
PlusPlus is a pan-Baltic and Finnish technology-driven receivables management company with offices in Tallinn, Riga, Vilnius, and Helsinki. The Company acquires overdue loans and other non-performing exposures from financial institutions and non-financial sector merchants. With its core competence in handling claims against private individuals, PlusPlus prefers diversified portfolios balanced by geography, portfolio type, and other metrics.
Since its inception in 2010, PlusPlus has bought over 120 thousand claims with nominal value of approximately EUR 270 million. The Company offers its clients affordable recovery solutions and aims to avoid litigious scenarios. In doing so, PlusPlus pursues win-win solutions that allow sellers to focus on their core business, provide affordable solutions for borrowers, and ensure adequate returns for investors.
PlusPlus is a transparent and socially responsible company set to assist people in resolving problems connected with their insufficient solvency. The ambition of PlusPlus is to increase its market share and further strengthen its position as a leading player in its regional market.