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The Warsaw Voice » Business » August 3, 2018
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Troubled debt collector proposes changes in restructuring
August 3, 2018   
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Listed troubled debt collector GetBack wants to change the mode of the ongoing company restructuring to reorganization proceedings from accelerated arrangement proceedings, the company said in a market filing late Wednesday.
GetBack's management has addressed the board of creditors to agree by August 6 to discontinue the accelerated arrangement proceedings, the company said.
GetBack recently presented an updated restructuring proposal, according to which the company will seek to repay from 10 to 43% of its debt in cash installments, including 27% for unsecured bond holders and 43% for secured debt holders provided they accept the restructuring proposal, and will offer debt to equity conversion for the remaining debt.
GetBack announced on May 2 that it had filed a motion for a court-brokered bankruptcy protection and restructuring under Poland's new restructuring law from 2015.
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