Simplified restructuring of RAFAKO S.A.
RAFAKO S.A., a company providing services for the power industry and oil and gas industry, has decided to conduct a simplified restructuring procedure. The company has already filed an application for the announcement in Court and Commercial Gazette about the opening of the procedure for the approval of the agreement.
The company informed that the restructuring is part of a recovery plan to enable it to continue operations and perform its contracts.
RAFAKO S.A. pointed out that the current financial situation of the company results mainly from the execution of unprofitable contracts and making revaluation write-offs. In 2019, the Rafako Group incurred a loss of 473 million PLN.
Currently, the largest contract performed by one of the Rafako Group companies is the construction of a 910 MW power unit in Jaworzno.