GetBack’s arrangement proposals are not final
The CEO of GetBack once again addressed the bondholders. In his letter, Przemysław Dąbrowski informed creditors that on July 23rd 2018, the company submitted new composition proposals to the District Court in Wrocław.
According to the company’s latest calculations, the bondholders’ satisfaction will amount to 27%. On the other hand, the amount of liabilities increased to PLN 3.35 billion, due to the updating of credit and trade liabilities and taking into account contingent liabilities and interest on bonds accrued from 8 May 2018 until the maturity date of a given bond series specified in the terms and conditions of bond issue.
At the same time, the value of domestic debt portfolios of the GetBack Capital Group as at 30 June 2018 decreased and amounts to PLN 1.27 billion as compared to PLN 2.33 billion presented in the May model. The change in value results from taking into account the introduced changes concerning statute of limitations, verification of portfolio value and extension of full operational efficiency of the company.
GetBack’s CEO said that the presented arrangement proposals are not final, as the Management Board intends to work on their maximum improvement until the day of voting on the arrangement.