Poland's GetBack posts FY net loss of $345 mln

Capitea SA

30/05/2018 06:51

WARSAW, May 30 (Reuters) - Polish troubled debt collector
GetBack  GBK.WA  said on Tuesday night its full-year net loss
came at 1.3 billion zlotys ($345.74 million) compared with net
profit of 200 million zlotys a year earlier. 
    GetBack ran into trouble after buying large portfolios of
distressed debt at higher prices than its competitors and
funding this with short-term bond issues. 
    The company had earlier postponed its 2017 earnings. In May,
it estimated its full-year net loss to be about 1.2 billion
zlotys.  urn:newsml:reuters.com:*:nFWN1SS0NQ
    The court has opened an accelerated restructuring procedure
over GetBack, while the financial market regulator has submitted
to the prosecutor's office a notice of offence in relation to
the company's activities. 
    
    ($1 = 3.7600 zlotys)

 (Reporting by Agnieszka Barteczko, Editing by Sherry
Jacob-Phillips)
 ((agnieszka.barteczko@thomsonreuters.com; +48226539700; Reuters
Messaging: agnieszka.barteczko.reuters.com@thomsonreuters.net))