On 1 June 2016, the creditors of the restructured company adopted the arrangement proposed at the Company during a preliminary Creditors' Meeting.
In the proceeding, the Company is represented by Dr. Patryk Filipiak, President of the Management Board of Zimmerman Filipiak Restrukturyzacja S.A. In cooperation with the Company, the specialists from ZFR S.A. prepared the arrangement proposals with the reasons, which convinced the creditors to vote for the arrangement.
The majority of a dozen or so creditors voted for the adoption of the arrangement proposed by the restructured Company, which reflects their belief that the company will profitably operate and the creditors will be satisfied to a greater extent than in the case of bankruptcy including liquidation of the debtor’s assets.
The restructured company has been operating on the demanding and competitive market of consumer electronics for almost 10 years, winning many prestigious awards and distinctions, and the recognition of customers in over 20 countries. In 2015, in the face of difficulties to keep liquidity, the Company implemented restructuring measures and started talks with its creditors. A court procedure was initiated to put an arrangement to a vote by creditors during the preliminary Creditors' Meeting. The main objective of the arrangement is to restructure the debts of the Company and allow the Company to continue as a going concern.