May 1, 2018 / 8:55 AM / 24 days ago

Poland's GetBack postpones earnings, announces restructuring

WARSAW, May 1 (Reuters) - GetBack has postponed its 2017 earnings announcement and initiated restructuring plans, the Polish debt collector said.

“The management board decided to proceed with work aimed at preparing documents related to restructuring within the meaning of the restructuring law,” GetBack said in a statement late Monday.

“The management board, guided by the good of the company and all entities remaining with the company in any legal and factual relations, undertook actions aimed at avoiding the effect of the company’s insolvency,” it said.

It postponed its 2017 results due on April 30 until May 15.

GetBack has bought large portfolios of distressed debt over the past year at higher prices than its competitors, using short-term bond issues to finance the purchases.

Last week GetBack said it had failed to redeem bonds worth $25 million, triggering concern about the remaining $719 million worth of bonds.

Also in April, GetBack dismissed co-CEO Konrad Kakolewski and trade in its shares and bonds was suspended. (Reporting by Agnieszka Barteczko; editing by Jason Neely)

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