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GetBack eyes 1 billion Polish zlotys net loss

Polish debt collector GetBack SA said May 15 that it expects its initial estimated consolidated net loss for 2017 to amount to 1 billion Polish zlotys.

The company's debt portfolios contributed 60% to the estimated negative result, GetBack said, adding that the final value of its net loss is subject to discussions with an auditing company and could change.

GetBack also said it once again moved the date for the publication of its 2017 annual report, this time to May 21 from May 15.

The debt collector 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, with 82,399,394 new shares to be issued at 8.63 Polish zlotys apiece.

As of May 15, US$1 was equivalent to 3.62 Polish zlotys.