February 2, 2015 / 7:32 AM / 3 years ago

BRIEF-Kopahaus submits insolvency plan

Feb 2 (Reuters) - Korporacja Budowlana Kopahaus SA :

* Said on Sunday that it submitted to the Regional Court in Szczecin, Poland, proposal of an insolvency with liquidation plan

* Plans to cash in the company's assets via a public sale of the two organised parts of the business: production and hotels, and liquidation of all the other parts of the company

* Plans to pay with the accumulated money for the insolvency proceedings and the costs of running the company in a new form over the next 12 months following the end date of the insolvency arrangement

* Plans to change its business profile from production to retail and focus mainly on western and central Europe

* The rest of the funds will be used to pay off creditors

* Plans to converse 20 pct of the outstanding liabilities of each creditor into shares of a new issue and write off the rest of the debt

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