Stilo Energy’s arrangement proposals accepted

Slightly more than 90 percent of Stilo Energy’s creditors voted in favor of the arrangement, which was prepared by the board of directors.

A total of 183 creditors participated in the vote, representing some 6.5 million claims covered by the arrangement. Quantitatively, 90.16 percent voted in favor of the arrangement, while 9.84 percent voted against.

The arrangement in most cases provides for the repayment of either part or all of the underlying liabilities and the cancellation of interest. Powerplus’s main shareholder Pentad Investments, however, got a proposal to convert the debts into shares. In exchange for the debts, he was to take 80,000 shares, priced at PLN 10.

The arrangement would be executed in 2023-2027, and its implementation would reduce the debt to PLN 8.9 million.

Source: https://www.pb.pl/wierzyciele-stilo-energy-przyjeli-uklad-1159351