Profil:
Rafamet SARafamet works on restructuring plan with its reef foundry unit to file for bankruptcy
Rafamet Machine Tool Factory, unit of listed heavy engineering group Rafamet, is working intensively together with its restructuring administrator on the company's restructuring plan. The document is to be submitted to the District Court in Gliwice in time to allow for the second tranche of the share capital increase to be carried out in the last quarter of 2025, Rafamet said in a market filing.
Rafamet indicated in the market filing that the submission of a plan supported by the Polish Industrial Development Agency (ARP) will fulfil one of two conditions precedent enabling the issue of series J shares worth PLN 20 million (EUR 4.7 mln) as part of a private subscription addressed to ARP.
The first condition, i.e. the conclusion of a loan agreement between the company and its reef foundry subsidiary Odlewnia Rafamet for up to PLN 5 million (EUR 1.2 mln), was fulfilled in June.
Once the second condition is fulfilled, Rafamet plans to convene a general meeting to adopt a resolution on increasing the capital.
At the same time, the company announced that the management board of Odlewnia Rafamet had decided to apply to the court for the revocation of the arrangement approved in April and for the opening of rehabilitation proceedings.
It was indicated that the decision was due to the impossibility of implementing the arrangement at the current level of revenue and cost structure.
mcb/ ao/
