CBC: Update regarding the Plan for “restructuring”

After we successfully stopped the pre-pack purchase of CBC through the necessary legal actions together with other creditors of the company due to its unsatisfactory terms for the investors, we cooperated to start a remedial procedure with the purpose to collect more assets of CBC to satisfy claims of creditors. We are reminding you that the list of creditors of CBC, among which is iuvo, is promulgated in the Polish state newspaper.

The Plan for “restructuring” of the company is still in process, as its finalization depends on the large number of invalid orders with assets by CBC, which the appointed by the Polish court Administrator now attacks and tries to bring back in the patrimony of the credit company.

The Administrator also prepares final analyzes and valuation of CBC’s portfolio of non-performing loans, which are subject to judicial enforcement, and on the basis of which a decision will be made whether to sell them as a package or to continue to pursue judicial collection.

Finalizing of the Plan for “restructuring” depends namely on returning the assets, which the company has made invalid orders with, back in the patrimony of CBC and collecting non-performing loans from borrowers.

Simultaneously with finalizing the Plan for “restructuring”, the Administrator will also present the creditors with the so-called claims settlement proposals with different terms for satisfying creditor’s claims being discussed. The expectations are that the proposals will be voted in Q1 of 2023. These are the steps we have information about as of now. As further steps are taken, we will update you again.

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