Brief: PBG signs restructuring agreements with some of its creditors

PBG SA w restrukturyzacji w likwidacji

03/08/2015 09:19

Aug 3 (Reuters) - PBG SA w upadlosci ukladowej  PBGG.WA : 
    * Said on Sunday that it signed on July 31 and Aug. 1, with 
some of its creditors from groups 5 and 6 (financial creditors), 
agreements concerning company's restructuring under its 
bankruptcy with possibility of creditors' agreement proceedings 
conducted by court in Poznan, Poland 
    * Plans to sign a conditional agreement to purchase 100 
percent of PBG Oil and Gas Sp. z o.o. from its major shareholder 
Jerzy Wisniewski, for 10.5 million zlotys ($2.8 million) 
    * Price for purchase of PBG Oil and Gas will be covered by 
loan obtained from Jerzy Wisniewski 
    * Will transfer Rafako SA  RFK.WA  shares from a 
Cyprus-based company to PBG Oil and Gas, will put lock-up on 
those shares and Rafako's shares will serve as collateral for 
bonds issue 
    * As a result of conversion of liabilities, financial 
creditors will subscribed for series H shares representing 75 
percent of stake of the company after conversion 
    * Will issue up to 7.1 million series A, B, C, D, E, F ,G, 
H, I and J bonds of total nominal value of up 710 million zlotys 
and maturity date of June 30, 2020, to its legitimate creditors 
form groups 1, 3, 4, 5 and 6 
    * Its financial creditors will be given part in supervising 
the company 
    * Main source of financing of the implementation of 
creditors agreements and PBG Oil and Gas activity will be funds 
obtained from divestiture plan under which the company plans to 
sell its non-operational assets for as much as about 400 million 
zlotys as well as operational profits 
    * Financial creditors are: Bank Polska Kasa Opieki SA 
 PEO.WA , Bank Zachodni WBK SA  BZW.WA , Powszechna Kasa 
Oszczednosci Bank Polski SA  PKO.WA , ING Bank Slaski SA 
 INGP.WA , Bank Millennium SA  MILP.WA , DNB Bank Polska SA, 
Raiffeisen Bank Polska SA, FM Bank PBP SA, KBC Parasol BIZNES 
Specjalistyczny Fundusz Inwestycyjny Otwarty, KBC Parasol 
Fundusz Inwestycyjny Otwarty, KBC Portfel VIP Specjalistyczny 
Fundusz Inwestycyjny Otwarty  
 
     
  
     
 Source text for Eikon:  ID:nEM0296211  
     
 Further company coverage:  PBGG.WA   
    
 
 
 
($1 = 3.7747 zlotys) 
 
 (Gdynia Newsroom) 
 ((gdynia.newsroom@thomsonreuters.com; +48 58 698 3920;))