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DZP Advises WGE Development on Restructuring of Liabilities

DZP is advising WGE Development on the restructuring of liabilities under ten bond series vis-a-vis 120 bondholders in accelerated arrangement proceedings. The case is being heard by the restructuring court in Warsaw.

According to DZP, “this is the second restructuring case in Poland carried out vis-a-vis a bond issuer and the first to be heard by the court in Warsaw. It is aimed at an arrangement being made between WGE Development and the holders of its bonds – a bank financing the company and other creditors."

Restructuring proceedings were introduced to Polish law on January 1, 2016 and implement a second-chance policy for businesses. DZP describes its work for WGE Development as “pioneer” and “precedential,” as the proceedings are based on new regulations, are among only a few accelerated arrangement proceedings in Poland, and follow “a special procedure ... based on provisions on the restructuring of bond issuers."

The DZP team consists of Partner Marek Swiatkowski, Senior Associate Igor Barcew, and Associate Michal Cecerko.

Last modified onTuesday, 23 August 2016 07:29
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