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GetBack names management board president

The supervisory board of GetBack SA appointed Przemyslaw Dabrowski president of the management board, the Polish debt collector said May 22.

In addition, Magdalena Nawloka will join the management board as a new member, while Paulina Pietkiewicz was appointed an interim member of the management board in charge of compliance and will hold the post until Aug. 21.

Meanwhile, Rzeczpospolita reported May 23 that the Polish prosecutor's office set up a team to investigate GetBack's April announcement that it was in talks about getting financing from PKO Bank Polski SA and Polish development fund PFR. Both PKO and PFR denied this information at the time, which prompted the Polish Financial Supervision Authority to launch a probe at GetBack and suspend trading in the company's financial instruments

The April announcement was signed by GetBack's then-CEO Konrad Kakolewski and management board member Anna Paczuska. Kakolewski was dismissed following the announcement and Paczuska resigned from the post, but they both claim that talks with PKO and PFR did take place, Rzeczpospolita noted.

Earlier in May, GetBack secured court approval to launch debt restructuring under accelerated arrangement proceedings. Under the 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. Failure to reach an agreement on the restructuring would result in bondholders losing at least 75% of their investments, the company noted when proposing its restructuring plan.