Restructuring of subsidiaries of the CDRL Group
The restructuring will cover three companies belonging to the CDRL Group.
The management boards of the companies: Coccodrillo Concepts, Smart Investment Group and Drussiss have decided to conduct a simplified restructuring procedure. For this purpose, they concluded an agreement with a restructuring advisor and made an announcement in Monitor Sądowy i Gospodarczy. They are currently preparing for talks with their creditors.
While justifying the decision to carry out the restructuring, the representatives of the companies indicated the current situation. For a month now, further restrictions have been in force, resulting in a ban on the operation of clothing stores located in shopping malls. This means that the stores remain closed, so they do not generate income, but must incur the so-called fixed costs. Therefore, the fear of the loss of financial liquidity became justified, which prompted to take appropriate remedial actions.