Daily: T1 mall received a bankruptcy caution from contractor Merko in January

T1 shopping mall in Tallinn.
T1 shopping mall in Tallinn. Source: Siim Lõvi/ERR

The 70 creditors of the troubled T1 Tallinn shopping mall will on May 26 vote whether to support the restructuring plan of the owner of the mall or trust a potential new owner.

Last week, the mall's principal creditor Lintgen said they will reject the restructuring plan drawn up by the mall's owner Tallinna Moekombinaat (TMK), as they see it unjust for creditors and also not in the interests of the mall's lessees and other cooperation partners. "The proposed restructuring plan will leave creditors at a disadvantage, as almost all are paid back less than a half of the borrowed amount according to it. For example, a creditor to whom Tallinna Moekombinaat owes €15,000, will be repaid €6,000 in instalments only by 2030," Lintgen remarked then.

Daily Eesti Päevaleht reported on Monday (link in Estonian) that Lintgen and TMK have been in major conflict for some time. Tallinna Moekombinaat's parent company AS Pro Kapital Grupp paid its first and last instalment to Lintgen in September 2019, a sum amounting to a little over €600,000, the daily reports. By that time, the debt had risen to €75 million.

At the end of January, both the mall's owner and its lender received an e-mail from T1 mall's contractor Merko. Eesti Päevaleht writes that a debt amounting to €1 million was past due with Merko's notice concrete: the situation had to be solved in a month, otherwise the company would pursue them through court or file a bankruptcy petition.

The daily writes that the dispute is still ongoing, as Merko replied to Eesti Päevaleht: "we do not wish to comment on pending proceedings regarding the debts of Tallinna Moekombinaat."


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Editor: Anders Nõmm

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