But bankruptcy?

But bankruptcy?

Recent events bring Rafako closer to the need to declare bankruptcy.

It is worth recalling that the difficult financial situation of Rafako – a company providing services in the energy, oil and gas industry – forced its representatives to decide to initiate restructuring proceedings. The company was subject to simplified restructuring from September 2020 to June 2021. Although the repair process was marked by numerous obstacles, it was ultimately successfully completed. The company’s representatives declared at that time that they intended to take action to restore the company’s market position. As part of the above-mentioned activities, public financial support was successfully applied for and the search for an external investor was started. In the meantime, however, defects were detected in the power unit in Jaworzno, whose contractor was Rafako. For this reason, Grupa Tauron, the owner of the block, was forced to suspend or limit the work of the block several times. The last time it happened a few days ago and prompted Tauron to call Rafako to pay a PLN 1.3 billion penalty. Rafako representatives declare that they consider Tauron Group’s calls to be unfounded, but their disclosure to the public has a negative impact on the company’s image and discourages potential investors from continuing to invest in the development of the company. For this reason, Rafako’s representatives announced that due to the threat of insolvency, they were forced to file for bankruptcy.

Source: https://www.money.pl/gospodarka/rafako-zamierza-zlozyc-wniosek-o-ogloszenie-upadlosci-kurs-acji-zalamal-sie-6854739421903424a.html

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