Klementi                      NEWS RELEASE                      04/24/2002



P.T.A. GROUP OY BANKRUPT



On 24 April 2002 Kuopio City Court declared P.T.A. Group OY bankrupt.



Lawyer Sakari Sorri from law office Bützow Nordia was appointed 

interim trustee in bankruptcy.



The management board of P.T.A. Group OY explain that the bankruptcy 

was due to the changes that have recently occurred on the retail 

market for clothes in Nordic countries (aggressively advancing new 

retail trade chains which develop their own brands) as a result of 

which the turnover for 2001 decreased by 15% compared to the previous 

year causing a loss and negative cash flow for 2001. In such a 

situation the company was not able to procure credit necessary 

for the continuation of operations. The management board of 

P.T.A. Group OY filed a petition in bankruptcy due to the 

liquidity crisis.



P.T.A. Group OY owned 79% of the shares of AS Klementi. As of the 

declaration of bankruptcy, the shares of AS Klementi are included 

in the bankruptcy estate.



P.T.A. Group OY’s sewing subcontracting and orders for other 

services accounted for 13% of the budgetary turnover of 

AS Klementi for 2002. 



The impact of the bankruptcy of the parent company on AS Klementi 

is primarily in that there will be no more orders for production 

from them. 

In this situation AS Klementi plans to use the production 

capacities that become available during the summer period for 

making own production. 

With a view to the future, the company has started negotiations 

with potential subcontracting partners and the prospects are good.

The production and technological facilities of AS Klementi are 

attractive to several Scandinavian clothing companies.



The marketing of own production will ensure that AS Klementi 

will have the cash flows required for further operations.



The activities of P.T.A. Group OY will continue in the near future 

under control of the trustee in bankruptcy who aims to satisfy as 

many claims of the creditors as possible and to find a successor 

to carry on the business or a part of it.





Madis Võõras

Chairman of Management Board

+372 6 710 700