Bejera Fund invested in Exemed
A fund specialising in restructurings, has invested in a telemedicine company that is struggling to service its debt.
Exemed produces and distributes equipment for remote monitoring of heart rate. Bejer’s fund raised the money to invest in it from over a dozen Polish investors. The first tranche of the issue amounted to 5 million PLN. The investment is to last 3-4 years. During this time Exemed should undergo full financial, operational and sales restructuring.
Exemed’s devices are used by Polish hospitals and cardiology clinics. Over the last two years, its annual revenues amounted to around PLN 1m. It has about PLN 5 million in liabilities, which it incurred during the product development phase. At that time it financed itself with debt rather than share issues. The debt could not be rolled over or converted into shares.
Robert Fałkowski, president of Bejera Fund, explains, however, that at the end of last year a preliminary agreement was reached with creditors. Now Exemed is waiting for final approval of the arrangement under the simplified restructuring procedure.
Bejera Fund is planning two more investments in the medical market in the near future. However, it is also looking for companies with problems in other sectors. The fund was set up by Polish specialists in restructuring.