Atlantic, like other liquidated companies, could have avoided bankruptcy. The opportunity lies in restructuring and a professional recovery plan, moreover presented at the first symptoms of the crisis and not in its last phase.
In the case of Atlantica, the Bankruptcy Court did not give credence to the restructuring architecture presented. Thus, the economic aspect and the lack of a credible recovery plan failed.
Effective application restructuring requires an in-depth audit of the company and its condition. The recovery plan made on this basis must identify critical points and problematic risk zones, so that in addition to the company's recovery path, it protects it from next crises. Most importantly, the plan should be formulated and submitted as early as possible, when there is a real chance of court protection of the restructuring.
Atlantic's case is not lost. In progress bankruptcy you can change the option from liquidation to arrangement. The trustee will also attempt to sell the company as a whole - so there is a chance that only the company will be liquidated.
New The Restructuring Law introduces the primacy of restructuring over bankruptcy, therefore it is a chance for companies in a similar situation. The act provides for a partial arrangement, so Atlantic could propose an arrangement only with those creditors with whom it has reached an agreement. This would solve the problem, among others, with employees. The restructuring procedure would allow for a deep restructuring, and prepack (i.e. prepared liquidation) would provide an opportunity to sell the entire enterprise.
31 August 2015:
" Expert on Atlantic's bankruptcy: Poland's liquidation culture won out
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