` Annika Peetsalu | COBALT

Annika Peetsalu

Managing Associate / Estonia


Annika Peetsalu (former Jaanson) is the Managing Associate and co-head of COBALT’s Estonian restructuring and insolvency and arbitration practice area, being one of the most experienced professionals in the field.

She has advised companies who are undergoing reorganization and creditors in different complex insolvency proceedings in recovering their claims. Annika further advises companies in complicated economic disputes in national courts and both in national and international arbitration courts.

Annika’s work in advising distressed companies has helped to turn around businesses of national importance and save jobs. Her work has influenced the legal practice in the field of insolvency law, helping to interpret the law and trigger amendments in the legislation.

In addition, Annika has experience working in the position of Head of Legal at an international fintech company, advising mainly some of the group’s foreign subsidiaries.

Additionally, she was a member of the Estonian Bar Association’s Insolvency Committee from 2020 to 2023.




  • Estonian, English

Membership & education

  • Member of the Estonian Bar Association (2011)
  • Member of the Estonian Bar Association’s Insolvency Committee (2020-2023)
  • MA, University of Tartu, Faculty of Law, Estonia (2010)
  • Université de Savoie, France (2009)
  • University of Salzburg, Summer University on European Private Law (2007)

AS Terminal defends its rights in the liquid fuel market regarding violations committed by Olerex

YOOK Production raises EUR 13 million to establish the first oat drink factory in the Baltics

AS Baltika’s reorganization proceedings, advised by COBALT, came to a successful termination

Interchemie reached an agreement with Kepro in court

COBALT advised Tallinn City on renegotiating with Vivatex Holding and BCA Center PPP contracts for the lease of ten school buildings

COBALT advises the majority shareholder of AS TOODE, Amber Trust II S.C.A. in the sale of its shares to Kingspan Group

HellermannTyton acquires Estonian microduct manufacturing company Höhle

COBALT advised the sale of district heating network company VKG Soojus to Gren

In less than 5 months, Baltika announced the entry into force of a court ruling regarding the approval of the reorganization plan advised by COBALT

Court approved Baltika’s reorganisation plan

COBALT advises AS Tallinna Moekombinaat in reorganization proceedings

COBALT advises AS BALTIKA in reorganization proceedings

COBALT advises Nordea and DNB banks on issues concerning insolvent dairy producer Tere

COBALT represented and worked out a unique restructuring of Nordnet

COBALT advised Baltic Agro on the acquisition of the bankrupt Werol Tehased

COBALT advised Trigon Dairy Farming, the largest dairy group in Estonia

COBALT advises Nelja Energia´s subsidiary VV Tuulepargid in a dispute with Tradco B.V. in the Arbitration Court of the International Chamber of Commerce

COBALT advises Finnish private equity fund KJK Sports in shareholder disputes concerning Tahe Outdoors

COBALT advised Technobalt Holding in E-Profiil reorganization proceedings, bankruptcy proceedings, and E-Profiil shareholder disputes

COBALT represents creditors Orlen Eesti in the reorganization proceedings of Lindaliinid

We are driven by your recognition

I met with COBALT team for the first time during early spring 2020 when me and the shareholders were evaluating the opportunity to apply for the reorganisation of Baltika, one of the biggest retail companies in Estonia with also a presence all over Baltics, listed on Nasdaq Baltic Stock Exchange market. COBALT team, driven in particular by Annika Jaanson, was leading Baltika’s team through this complicated and uncertain procedure with a lot of professionalism, seriousness and preparation and the final result achieved thanks to their help was simply great.
Flavio Perini, Member of the Management Board at Baltika Group