Altkom Group has made an offer to Stilo Energy

Altkom Group has made an offer to Stilo Energy

Stilo Energy filed for bankruptcy at the end of June. Altkom Group is proposing to acquire the company’s shares and financing. 

Altkom made the proposal to Pentad Investments, which owns 39.2 percent of Stilo Energy’s shares. According to Altkom’s offer, a PLN 2 million loan to Pentad would be converted into 200,000 shares in Stilo Energy. Altkom Group also wants to buy between 850 and 1.1 million shares at PLN 0.3 each from shareholders.  Further elements of the proposal include a financial structure of up to PLN 3.5 million, but subject to its conditions and Altkom’s approval as a major shareholder. In addition, an agreement would be needed to reduce debt to the bank by 40 percent and repay it within four years. Altkom also wants the creditors’ meeting to approve a restructuring plan. It stipulates that the remaining liabilities will be reduced by 60 percent and repaid within four years. The proposal is valid until July 26.



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