Profil:
Rafako SARafako engineering declared bankrupt by court
The District Court in Gliwice has issued a decision to declare the bankruptcy of listed engineering company Rafako, the company announced in a market filing.
Rafako filed for bankruptcy of the company in September.
At the time, the company explained that the decision was related to, among other things, the impossibility of agreeing with the key creditors on the detailed principles of conversion of liabilities into shares in the increased share capital or an alternative scenario for further restructuring of liabilities to the key creditors, which would result in an analogous reduction of the overall amount of debt, which would allow the company to regain a positive level of equity and to regain financial capacity to obtain external financing for future orders.
In addition, as assessed by the company, the possibilities to finalise arrangements with key creditors within the time horizon required to carry out operations without material disruption have been exhausted, due to a significant additional deterioration in current liquidity.
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