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ACTION S.A. puts its composition proposals on the table

On 27th April 2018, ACTION S.A., under restructuring, published its draft proposals for composition to be negotiated with its Creditors. Such arrangements might be concluded only after the list of liabilities has been confirmed by the magistrate in bankruptcy. The current proposals take into account interests of specific groups of creditors and outcomes of analyses conducted by professional consulting firms i.e. KPMG, which has been recommended by the Creditors and selected by Action.

-    From the very onset of the recovery procedure, we have been aware that drafting of mutually satisfactory arrangement proposal might be quite challenging. Each group of creditors should be treated fairly, taking into account their business profiles and types of relations with us i.e. business or other formal interdependency – says Sławomir Harazin, Vice-President of the Management Board of ACTION S.A. – Therefore, we have proposed different terms for our supporting trade creditors, financial creditors and major creditors, respectively. What is most important, however, is the fact that all our creditor groups receive higher compensations, or are repaid faster, than in the case of corporate winding-up process.

–  Our supporting trade creditors are provided with bonuses in return for the support they have provided us in this difficult situation and they are still capable of generating profits from our mutual business co-operation. On the other hand, however, they also assume our risks related to the unsettled tax dues – explains Mr Harazin.

Our financial creditors include, first of all, bondholders who will be provided with immediate compensations. This solution will give them an immediate cash injection enabling further investments, without bearing any risks related to the Company’s situation.

Since Action is not willing to impose such risks upon those creditors whose dues are repaid in instalments either, this creditors will be given the possibility of having their repayments secured.

Date:: 2018-05-10 powrót