ST3 Offshore awaits approval of the arrangement
ST3 Offshore producing elements of offshore wind farm foundations is waiting for the decision of the District Court Szczecin-Centre in Szczecin on the approval of the agreement.
In the course of accelerated arrangement proceedings, the Company concluded the arrangement with creditors as early as 12 June 2019, however, it has not been approved yet. At present, the Court has postponed the session on the subject of approval of the arrangement until 26 November 2019. Meanwhile, cash for current operating costs is decreasing and the Company does not receive some contracts due to unfinished restructuring proceedings.
