Elektrobudowa S.A. applies for bankruptcy

Elektrobudowa S.A. applies for bankruptcy

The company’s Management Board decided to file a bankruptcy petition with the District Court in Katowice, Katowice-East. The company did not manage to reach an agreement with banks and insurance companies financing its debt restructuring activities.

Elektrobudowa has been holding talks with its creditors since April 2019. Since May 2019, a standstill agreement was in force between the parties, which provided temporary financing conditions and suspension of claims. Since May 2019, the parties had a standstill agreement in place which provided temporary conditions for financing and the suspension of claims. The company continued discussions on the target restructuring and on raising new financing.

In 2019, the company completed 280 contracts worth an estimated PLN 680m. In addition, it reduced litigation proceedings worth PLN 120mn. Elektrobudowa is currently working on contracts with a total value of PLN 2.5 billion.

 

Source: inzynieria.com/energetics/knowledge/58078,elektrobudowa-zarzad-zad-sklada-wone-downloadknowledge/58078

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