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Public companies have a problem with restructuring

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Restructuring consultants from PMR Restrukturyzacje S.A. report on the concerns of public companies with restructuring decisions. The issue is the obligation to make public information about the submission of a restructuring application to the court in the event of a threat of insolvency. The problem affects many companies in Poland.

At the moment when a public company will decide to restructure must immediately make this information public in accordance with the information obligation of companies listed on the Warsaw Stock Exchange. The court accepting the application for legal protection for companies in connection with its restructuring, has two weeks to consider it and during this time the company often experiences a serious crisis. Banks and other creditors associated with the company terminate contracts, which often leads to a deterioration of the already the difficult situation of the company. According to experts from PMR Restructuring The number of inquiries and talks about restructuring from public companies is growing rapidly, but companies are delaying making decisions until the last minute, which may have a negative impact on their ability to satisfy creditors.

– There are legal tools that allow you to protect the company's basic interests in the period from filing a restructuring application in court to issuing a decision, but this requires considerable legal procedures and companies are reluctant to make a decision – explains Małgorzata Anisimowicz, from PMR Restructuring ARE
– Unfortunately, delaying restructuring actions in the case of public companies often leads to a crisis situation that they wanted to avoid in principle. In such a situation restructuring are becoming much more difficult and it is difficult to predict their final effect – adds Małgorzata Anisimowicz.

A solution would be temporary legal protection for companies during the two weeks waiting for the court's decision. If the decision is positive then the protection is extended and prolonged, if negative, the company loses its interim protection and the terminated contracts during this period take effect.

The material appeared on the website:

7 September 2016:
" Public companies have a problem with restructuring
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PMR team

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