GetBack with accelerated composition proceedings
Still at the beginning of March 2018, the company was the fastest growing entity in the financial sector and was valued at PLN 2.5 billion. Currently, there is no information about the value of the company, and for two weeks trading in shares and bonds has been suspended.
The possibility of recovering at least part of the money by the investors is to return to the quotations. However, the condition is that the company publishes the annual report for 2017, which was to be published on Monday 30 April 2018. However, investors found out that the management had too little time to establish the company’s sound financial position. Furthermore, the auditor was not in a position to form an opinion on the financial statements.
It follows from the above that the company did not provide full information on its actual financial situation and nobody is able to say today what the condition of GetBack is in.
On 2 May 2018, the company applied to the Court for an accelerated composition procedure and on 10 May 2018. The District Court in Wrocław opened restructuring proceedings.
According to the arrangement proposals presented by the Company, GetBack will repay 65.36% of the issued bonds and the repayment will be spread over 7 years. The remaining debt is to be changed into shares, the issue price of which is to be 8,63 PLN.