Reuters: Bankruptcy News: Poland's Polimex says creditors will not break off restructuring

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Poland's Polimex says creditors will not break off restructuring May 24th 2013, 07:32 WARSAW | Fri May 24, 2013 3:32am EDT WARSAW May 24 (Reuters) - Polish builder Polimex said on Friday its creditors agreed not to break off a debt restructuring deal after the company breached one of the covenants defined by the agreement. It had said the deal was at risk beacause it failed to maintain one of the financial indicators on a level required by the agreement. Polimex had clinched a deal with creditors in December last year after it ran into financial difficulties following a road-building bonanza, which left many of Poland's builders saddled with loss-making contracts and heavy debts. According to the deal, its lenders agreed to defer the repayment of bonds and loans to the end of 2016 and convert some debt to equity, while Poland's industrial agency injected fresh capital and acquired a stake in the company. (Reporting by Adrian Krajewski, editing by William Hardy)

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions