The restructuring of Golub Gethouse is prolonged
It is still unclear whether two companies from the Golub Gethouse (GG) group will make a deal with creditors.
These are the entities that issued bonds worth PLN 100 million to finance the construction of the Mennica Legacy Tower office building. These are the companies Golub Gethouse MLT (GG MLT) and GGH MLT. The court on March 11 postponed voting on their arrangements. However, the votes did take place. It’s just not clear whether they will be meaningful in the context of the court’s order. In the case of GGH MLT, the arrangement was approved and in the case of GG MLT, it was not.
On the other hand, the deadline to submit arrangement proposals for GGH MLT, the company issuing bonds for the MLT office building, passed on March 21. In the proposals of Cezary Jarząbek, president of GG Group, there was an assurance that the money from the sale of MLT would go to pay off the bonds of companies financing other GG Group businesses. However, the money will first be used to pay off the liabilities of the three companies involved in the construction of the office building.
The restructuring of GGH Student Housing (GGH SH), GGH Rental Apartments (GGH RA) and GGH Rental Apartments 2 (GGH RA2) is also being dragged out.The latter two companies were in sanitation as of April 1, 2021, but the court dismissed both proceedings at the end of 2021. However, the attorneys of Cezary Jarząbek filed a complaint. It will have to wait several weeks or even months for its consideration.
GGH SH is the only one of the companies in the GG Group that is not under restructuring.Cezary Jarząbek assures that he is talking to potential investors. At the same time, he is considering restructuring for this company as well. However, there are no specifics in this matter yet.