Politics, Unibus | This is how Unibus will be saved from bankruptcy

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– Unibuss has today requested to open reconstruction negotiations. This means that a legal process must be initiated, the aim of which is to arrive at a solution that makes it possible for Unibuss to continue operating – also in the longer term, says the press release from Unibuss.

Avisa Oslo mentioned that the bus company, under severe financial pressure, is going to ask for a reconstruction last week. Now it is confirmed. While the reconstruction process is ongoing, Unibuss will be able to deliver on the obligations agreed with Ruter.

– I am glad that the immediate danger of bankruptcy is over. A shutdown would have been very serious for Oslo’s residents, says Environment and Transport Councilor Marit Vea.

She does not want to reveal how much this will cost Oslo municipality. But the city council made it clear that Oslo’s expenses will increase as a result of the Unibuss situation.

However, a reconstruction is cheaper than a bankruptcy, where bus operations stop, she says.

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Will take months

It is expected that the reconstruction process will last a couple of months.

– We look forward to starting a good reconstruction process. Although some still need to be put in place, we are on the right track. What the final solution for Unibuss will be depends on the further reconstruction process. It is therefore too early to say anything about the final outcome today, says managing director Atle Rønning of Unibuss.

A reconstruction, also referred to as bankruptcy protection, means that the debt Unibus has to creditors must be negotiated. This happens when the Oslo district court appoints a lawyer in the role of reconstructor. The reconstructor must review the debt situation, outline a solution and approve the company’s plan for further operations.

In the case of a reconstruction, there is a possibility that loans can be converted into share capital, so that investors with claims can gain ownership positions in a company. That is, a sale of parts or the entire business.

Rønning adds that the goal is to ensure continued bus operations for Unibuss.

Demanding

CEO of Sporveien, Birthe Sjule, says they are happy that the petition makes it possible to take a step forward in the process.

– We would have liked to see the financial situation in Unibuss be different. The situation in the company has over time been demanding for public transport passengers, the owner, our partners and all employees in the company, says Sjule.

– Now we are looking ahead and have faith that the parties will, through the upcoming reconstruction process, arrive at a final solution that is in the best interest of the company’s creditors, the public transport passengers and all the more than 2,000 skilled employees of Unibuss, she adds.

Managing director Bernt Reitan Jenssen in Ruter says he has faith in finding a solution that secures public transport.

– Ensuring that the bus runs so that customers can get to Oslo and Akershus, while at the same time managing the community’s money in a good way, is the most important thing for us, says Jenssen.

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The article is in Norwegian

Tags: Politics Unibus Unibus saved bankruptcy

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