Nextbike Polska layout not approved
The court refused to approve the arrangement as part of Nextbike Polska’s accelerated arrangement proceedings.
In May 2020, representatives of Nextbike Polska obtained court approval to initiate accelerated restructuring proceedings. The decision to take corrective action was motivated by the deteriorating condition of the company and the desire to avoid the need to declare bankruptcy.
The restructuring took nearly three years. At that time, the company began to see positive signs in the form of revenue growth. The previous cycling season was exceptionally successful, and at the beginning of March this year she inaugurated the next season. Several days later, the restructuring court refused to approve the arrangement in pending proceedings. He justified his decision on the grounds that the adopted arrangement violates the law and its terms are detrimental to the creditors who voted against it. He found unequal treatment of creditors classified into different arrangement groups.
Representatives of Nextbike Polska have announced that they will file a complaint against the court’s decision.