August 24, 2018 / 10:11 AM / 4 months ago

BRIEF- GetBack Presents Amended Arrangement Proposals With Creditors

Aug 24 (Reuters) - GETBACK

* SAID ON THURSDAY THAT UNDER AMENDED ARRANGEMENT PROPOSALS APPROVED BY ITS MANAGEMENT ON AUG. 23, CREDITORS WOULD BE DIVIDED INTO FIVE GROUPS

* AS PART OF THE AMENDED ARRANGEMENT PROPOSALS, BONDHOLDERS FROM THE FIRST GROUP (EXCLUDING THE COMPANY’S UNITS) WOULD SEE THE MAIN LIABILITY PAID IN 31 PERCENT IN 16 INSTALMENTS OVER 8 YEARS VS PREVIOUSLY PROPOSED 27 PERCENT

* PROPOSES TO CONVERT SOME LIABILITIES OF CREDITORS FROM GROUPS 1 AND 4 (WHICH WILL NOT BE PAID BACK OR REDEEMED) INTO COMPANY NEW SHARES

* GETBACK PLANS TO RAISE CAPITAL BY NO MORE THAN 0.6 BILLION ZLOTYS BY ISSUING UP TO 11.7 BILLION OF SERIES F SHARES AT THE ISSUE PRICE OF 0.05 ZLOTY EACH

* PREVIOUSLY GETBACK PROPOSED TO RAISE SHARE CAPITAL BY NO LESS THAN 1.40 BILLION ZLOTYS AND NO MORE THAN 2.0 BILLION ZLOTYS

* IN MAY, THE COMPANY SAID THAT FIRST GROUP OF CREDITORS, THE BONDHOLDERS, WOULD BE PAID IN 65.36 PERCENT, REMAINING 34.64 PERCENT OF DEBT WOULD BE CONVERTED INTO NEWLY ISSUED SHARES

* ALSO IN MAY, COURT IN WROCLAW OPENED ACCELERATED RESTRUCTURING PROCEDURE FOR THE COMPANY

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Further company coverage: (Gdynia Newsroom)

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