Rafako system approved
The arrangement as part of the ongoing Rafako restructuring proceedings has been approved by the Court.
From September 2020, Rafako was under simplified restructuring proceedings. The whole process was marked by numerous difficulties. First of all, they resulted from the lack of consent of all creditors to the arrangement proposals presented. In addition, one of the contractors withdrew from key contracts, which contributed to charging high contractual penalties. All this put into question the future of the company. Now, however, as soon as the decision of the Courts becomes final, the company will be able to start regaining its position on the oil and natural gas market. It plans to take steps to attract an external investor.