Brief: GetBack Files Restructuring Proposals

Capitea SA

07/05/2018 17:01

May 7 (Reuters) - GETBACK SA  GBK.WA :
    * IN A MOTION FOR OPENING ACCELERATED ARRANGEMENT
PROCEEDINGS SAYS
THAT ITS LIABILITIES AMOUNT TO 2.82 BILLION ZLOTYS, THE
LIABILITIES UNDER THE ARRANGEMENT AMOUNT TO 2.72 BILLION ZLOTYS
    * AS OF APRIL 25 TOTAL NOMINAL VALUE OF UNREDEEMED BONDS
AMOUNTED
TO 88.26 MILLION ZLOTYS, UNPAID INTEREST AMOUNTED TO 3.32
MILLION ZLOTYS  urn:newsml:reuters.com:*:nL8N1S337N
    * UNDER RESTRUCTURING PROCEEDINGS COMPANY PLANS TO PREPARE
NEW
BUSINESS STRATEGY, WHICH ASSUMES LIMITING ACQUISITION
ACTIVITIES, REDUCING OPERATING COSTS AND CHANGE OF INTERNAL
CONTROL PROCESSES
    * COMPANY ALSO PLANS TO PREPARE NEW FINANCIAL STRATEGY 
    * UNDER NEW STRATEGIES COMPANY WILL LOWER ITS OPERATING
COSTS TO
132.9 MILLION ZLOTYS AND RECOVER FUNDS FROM EXISTING DEBT
PORTFOLIOS FROM MAY 2018 (3 BILLION ZLOTYS WILL BE RECOVERED
FROM COMPANY'S OWN INVESTMENT FUNDS AND 1.1 BILLION ZLOTYS WILL
BE RECOVERED FROM EXTERNAL FUNDS)
    * FIRST GROUP OF CREDITORS, BONDHOLDERS, WILL BE PAID IN
65.36%,
REMAINING 34.64% OF DEBT WILL BE CONVERTED INTO NEWLY ISSUED
SHARES 
    * PROPOSES TO REPAY THE DEBT TO THE FIRST GROUP OF CREDITORS
IN
INSTALLMENTS BETWEEN 2018-2025, WITH BIGGEST CHUNK TO BE REPAID
IN 2019 AND 2020 (23.97% AND 30.57%, RESPECTIVELY)
    * PLANS TO INCREASE COMPANY'S SHARE CAPITAL BY 4.1 MILLION
ZLOTYS
THROUGH ISSUANCE OF 82,399,394 SERIES F SHARES AT ISSUE PRICE OF
8.63 ZLOTYS PER SHARE
    * TOTAL ISSUE PRICE OF SERIES F SHARES TO REACH NOT LESS
THAN
ABOUT 711.1 MILLION ZLOTYS
    * SECOND GROUP OF PUBLIC-LAW CREDITORS WILL BE SATISFIED IN
FULL
AND PAID BY END-2018, THIRD GROUP OF CREDITORS WILL BE PAID IN
65.36% BY 2025
    * UNDER GETBACK'S PROPOSAL INTEREST ON BONDS AND LOANS IS TO
BE
RETIRED
    * COMPANY ESTIMATES THAT IN THE COURSE OF THE ARRANGEMENT
PROCEEDINGS CREDITORS' CLAIMS WILL BE SATISFIED IN LEVEL NOT
EXCEEDING 25% 


    
 Source text: https://bit.ly/2K0UVmi
    
 Further company coverage:  GBK.WA  
   


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