Poland's Rafako files for bankruptcy (updated)

Rafako SA w upadlosci

26/09/2024 09:26

(Adds name of court, details on workforce and 2023 results)
       Sept 26 (Reuters) - Poland's Rafako  RFK.WA  filed for
bankruptcy on Thursday at the regional court in Gliwice, sending
shares in the boiler maker down by almost half. 
    After almost a year trying to recover financial stability,
Rafako said it had exhausted all possibilities to reach
agreement with its key creditors.
    In 2023, Rafako reported a net loss of 336.3 million zlotys
($87.81 million) on 221.1 million zlotys of sales revenues.
    It is one of the biggest employers in Silesia region of
Poland, with around 1,000 workers. 
    Rafako started bankruptcy proceedings in January 2023, after
Tauron  TPE.WA  demanded a consortium led by Rafako pay 1.3
billion zlotys in penalties and damages in connection with a
construction project at the Jaworzno Power Plant.
    Rafako's shares were down by 46% at 0835 GMT.
    ($1 = 3.8298 zlotys)

 (Reporting by Olga Sawczuk; Editing by Jason Neely and Mark
Potter)
 ((Olga.HelenaSawczuk@thomsonreuters.com; +48 58 746 92 48;))