Mikrokasa has a problem paying creditors

Mikrokasa has a problem paying creditors

The lending company, which went into restructuring in July 2020, wants to give back to creditors only PLN 35 million of the PLN 118 million.

Mikrokasa has debts of PLN 118 million, of which PLN 81 million is debt from 43 series bonds. These were secured by a registered pledge on the loan portfolio. In the last issues in 2019, this portfolio was valued at PLN 85.8 million. However, after the opening of restructuring, in September 2020, its valuation is only PLN 24.5 million. The liquidation value of this portfolio is PLN 8.5 million. This is due to the fact that only bonds of seven series were secured. Mikrokasa is offering to return 75% of the money to holders of the secured bond series. The rest are to get only 25 percent.

The affected bondholders suspect Mikrokasa of fraud. First, they claim that the valuations accompanying the bond issues were unreliable. Second, they claim that the offers to buy the bonds and the terms of their issuance were misleading to investors. The attorney of one of them has notified the public prosecutor’s office, which has opened an investigation.

Andrzej Brzeski, president of Mikrokasa, and Janusz Bigos, vice-president, claim that the prosecutor’s office has not presented any charges against the company. They also say that the company paid all its liabilities until the end of April 2020. They further explain that the company lost liquidity and found itself in restructuring as a result of the introduction of covid regulation. It strongly reduced the limits of non-interest expenses. Creditors’ attorneys, on the other hand, claim that the company was not driven to the brink of bankruptcy by changes in the law or a pandemic. In their view, it is the result of the company’s excessive debt. The company’s materials submitted to the restructuring court show that its bonds were secured almost to the point of default. Later, the company became indebted through loan and share repurchase agreements.

Source: https://www.pb.pl/mikro-z-kasa-w-mikrokasie-1136189



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