Ursus with accelerated arrangement procedure
At the beginning of November, the District Court in Lublin opened an accelerated Ursus arrangement procedure. The Company intends to enter into an arrangement with creditors by the end of 2018.
Vice President of Ursus informed that actions aimed at healing the Company’s situation are planned for the years 2018-2023. In turn, the most urgent actions are to be taken still in 2018, in particular the collection of receivables from contractors.
In the arrangement proposals submitted to the Court, the Company divided the creditors into four groups according to the amount of their receivables. Group IV includes financial institutions that provide credit to Ursus’ business.
The initial restructuring plan submitted by the company shows that Ursus will sell selected fixed assets, reduce the production costs of its products, adjust the employment structure to changes in the company and reduce the costs of its operations.
Ursus assumes that the total repayment of debt, amounting to PLN 140 million, will take place by 2023.