Nextbike Poland with an application for restructurings and bankruptcy
Nextbike Polska, a company dealing with renting city bikes, has filed for the opening of restructuring proceedings, as well as for bankruptcy. At the moment, the company’s operations are to be continued.
Nextbike Polska’s problems are related to the reduction of, among other things, revenues resulting from the execution of agreements with local governments in the period from 1 April 2020 to 5 May 2020. It was the period of the ban on using city bikes. The company also obtained lower revenues from advertising. Some contractors reduced their salaries or withdrew from contracts. No tenders were held and revenues from users of city bikes were lower.
The Management Board of Nextbike Polska informed that “The restructuring procedure and the conclusion of an arrangement with creditors is aimed at preventing the deterioration of the company’s financial situation, its insolvency and the declaration of its bankruptcy”.