Construction firm PBO Anioła has decided to file for reorganization with trustee, the company announced, Tuesday.
“As a result of the analysis from ongoing restructuring efforts, the board has decided that the effects have been inadequate to keep the company in a financially stable situation,” the company wrote in a press release.
However, the board positively assessed the restructuring efforts, as they may give the company a chance to function if it is under legal protection in the form of administration.
The board decided to go into administration, “which will allow the company to pay its commitments as much as possible,” the statement reads.
The company plans to present its plans for reorganization, and hopes to write off as much as 50 percent of its outstanding debt depending on the category of the creditor, a deferred capital payment, or write off interest payable.
Earlier, the company’s creditors filed a number of bankruptcy claims to courts over PBO Anioła. The company made its debut on the Warsaw bourse in mid-2011.
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