January 13, 2017 / 3:03 PM / 6 months ago

BRIEF-GC Investment files to Katowice Court restructuring, repair plans

1 Min Read

Jan 13 (Reuters) - GC Investment SA :

* Says it filed to Katowice Court its restructuring and repair plans; and financial forecast for 2017-2024

* Once the plans have been approved by the creditors and court, the management will take all the necessary measures to implement a 5-year share buyback program

* The share buyback program will include shares issued by the company in regards to the agreement with creditors

* Under the restructuring and repair plans, it wants to issue series E shares at the issue price of 1 zloty each and offer them to the creditors

* The number of new series E shares, each creditor will be offered, will be set as the quotient of the sum of the outstanding debt towards the company divided by the series E share issue price

* Taking into account, the price of 1 zloty per share, GC Investment will be obliged to issue 89.3 mln of the series E shares

* Will cover the purchase of own shares through the sale of properties

Source text for Eikon:

Further company coverage:

$1 = 4.1096 zlotys Gdynia Newsroom

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