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Eversheds Sutherland Ots & Co managing partner Maivi Ots has been designated by the Court as the reorganisation adviser for the reorganisation of AS Tallinna Moekombinaat

  • Estonia

    03-04-2020

    On 31st March 2020 AS Tallinna Moekombinaat (TMK), the owner and administrator of T1 Mall of Tallinn, issued a reorganisation application to the County Court in order overcome temporary payment difficulties, reasonably reorganice encumbrances and increase the profitability of TMK. On 3rd April 2020 the Court issued an order to initiate the reorganisation. The Court designated managing partner of law firm Eversheds Sutherland Ots & Co Maivi Ots as the  reorganisation adviser for the proceedings.

    The reorganisation will in no way affect the everyday economic activities of the Mall or its’ lessors and business partners – this means that once the restrictions imposed by the Estonian Government are lifted, T1 Mall of Tallinn will be reopened and normal activities will resume. The purpose of the reorganisation is to ensure the continuation of everyday activities of the mall by protecting the rights and interests of investors, workers, creditors and business partners.

    In addition to regular shopping opportunies, T1 Mall of Tallinn offers a versatile selection of entertainment. There is a variety of restaurants, a top-level cinema, the biggest indoor family entertainment center in the region and a Ferris wheel on the roof of the Mall. Today, T1 Mall of Tallinn hosts nearly 180 lessors who employ more than an thousand people. Since the opening, close to 6 million people have visited the shopping centre.

    There are multiple reasons for today’s situation: the extension of the construction period of the Mall and thus a late opening; not all retail spaces have a lessor; due to the emergency situation in Estonia, a majority of the shopping centre is currently closed for business.

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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