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ACTION S.A.’s restructuring plan executed

Decision on the liquidation of a subsidiary Action Europe fits completely in the assumptions of the restructuring plan of ACTION S.A., that wants to conclude its reorganization proceedings, enter into an arrangement with creditors and concentrate on its performance as soon as possible.

From the beginning of Action S.A.'s reorganization, Action Europe has operated in the new business model and in the amended structure. However, this company operated in limited financing conditions. This was evidenced by e.g. the withdrawal of limits by insurers and limitation of the bank funds. However, the prolonged – mainly due to formal reasons – restructuring of Action S.A. has prevented the mitigation of these negative effects. This is why the German company’s business began to lose on profitability.

- We have already indicated in March this year that limitations imposed by the reorganization proceedings on Action S.A. cloud the future of Action Europe. In recent months this unfavourable situation has gradually worsened. By analysing on a continuing basis the financial ratios of Action Europe, as well as the negative consequences of the prolonged reorganization at ACTION S.A., we have concluded that the priority today for us is to execute the restructuring plan at 100% – commented Sławomir Harazin, Vice President of the Management Board of ACTION S.A.

Thanks to its export activity, ACTION S.A. is able to take over to a very large extent the existing business of Action Europe. It may also achieve a higher cost-effectiveness by basing this on the current structures of ACTION S.A.

- With the reorganised and fully developed export sales channels, we will move the existing business of Action Europe to Poland. This is an information for our foreign partners that we will continue to offer the same products, at good prices, and thus the continuity of cooperation will be maintained – added Sławomir Harazin.

Date:: 2018-09-26 powrót