The Warsaw Voice » Business » News - June 13, 2018
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GetBack scandal
Defunct debt collector GetBack will seek to stick to its restructuring offer for bondholders without any fire sales of assets, newly appointed CEO Przemyslaw Dabrowski said in an interview.
GetBack will do better by its creditors by fighting through the restructuring and continuing operations than through any form of liquidation, which would undercut the value of the firm's portfolios if left unserviced for the period of a sale or liquidation, he says.
The company could get 30% of face value on a one-off sale, the full PLN 1.8 billion book value (well below bond debt) on a corporate run-down, he estimates.
Dabrowski proposes a scale-down to the size the firm had in about 2015 and then a new share issue to fire up new asset purchases again. GetBack has taken EUR 21 million in financing from its chief shareholder Abris since April, he noted.