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Gant declared bankrupt

3rd January 2014
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Residential developer Gant has been declared bankrupt in a court ruling. The company will have three months to undergo reorganization and reach a settlement with its creditors. The court ruling was postponed several times.
The company could not make its debt payments, despite the maturity date of its bonds, worth some zł.29 million and originally due in July 2013, being pushed back several times. 
When the firm's creditors did not agree to postpone the repayment yet again, the developer filed for bankruptcy in mid-October.
In 2012 the company recorded consolidated revenues of zł.403 million and a net loss of zł.412 million. The developer's sales figures combined with rising debts have brought Gant’s share price down by over 80 percent over the past year.

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