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GetBack ups 2017 loss estimate

Polish debt collector GetBack SA increased the estimated value of its expected 2017 consolidated net loss to 1.2 billion Polish zlotys from the previously stated 1 billion zlotys.

The company's debt portfolios account for 64% of the estimated loss, GetBack noted in its May 21 filing, adding that the final financial result could be revised further.

The debt collector also changed the date of the publication of its 2017 financial report to May 29 from May 21.

GetBack recently secured a court decision to launch debt restructuring under accelerated arrangement proceedings. Under its 2.72 billion zlotys restructuring proposal, 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.

Meanwhile, Puls Biznesu reported May 21 that Konrad Kakolewski, who was dismissed from the post of GetBack CEO in April, filed a lawsuit against the company's main shareholder Abris Capital Partners and its managing partner Pawel Gierynski. The executive demands the payment of compensation in the amount of 370 million zlotys, with the money to be passed over to GetBack bondholders, if the court rules in favor of Kakolewski.

Rzeczpospolita also cited Kakolewski as saying that GetBack is worth 4.7 billion zlotys and could be saved via recapitalization by existing main shareholders or external investors.

As of May 21, US$1 was equivalent to 3.65 Polish zlotys.