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Report: GetBack creditors move to thwart 2 asset managers' cooperation plans

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Report: GetBack creditors move to thwart 2 asset managers' cooperation plans

The creditors of collapsed debt collector GetBack SA want to block a cooperation agreement between Skarbiec Holding S.A. unit Skarbiec TFI and asset manager Trigon TFI, Parkiet reported Aug. 31.

GetBack's creditors council asked the Polish Financial Supervision Authority to take "all available legal steps" to prevent Trigon from any activities that could reduce its ability to repay a 49 million Polish zloty debt to GetBack after the two asset managers announced that Trigon wants to transfer some of its operating activities to Skarbiec.

Under the planned strategic cooperation agreement between the companies, Skarbiec would take over the management of five Trigon funds with total assets amounting 600 million zlotys. The agreement does not include Trigon's securitization funds that were serviced by GetBack in the past, Parkiet said.

Following its April collapse, GetBack filed to launch restructuring proceedings in May, with its creditors to vote on restructuring proposals at the beginning of October.

As of Aug. 31, US$1 was equivalent to 3.70 Polish zlotys.