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Report: GetBack gets court approval to launch restructuring

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Report: GetBack gets court approval to launch restructuring

Polish debt collector GetBack SA secured a court decision to launch debt restructuring under accelerated arrangement proceedings, Parkiet reported May 10.

According to a restructuring proposal recently filed with the court, the company wants to repurchase 65.36% of its bonds by the end of 2025, while the remaining part of its unsecured debt would be converted into equity, with 82,399,394 new shares to be issued at 8.63 Polish zlotys apiece.

Some of GetBack's bondholders are not satisfied with the restructuring proposal and asked majority shareholder DNLD Holdings, led by Abris Capital Partners, to recapitalize the company by 370 million zlotys or resume talks with external investors, which earlier expressed interest in boosting the debt collector's capital, Parkiet also said in a same-day report.

As of May 10, US$1 was equivalent to 3.57 Polish zlotys.