GetBack to unveil restructuring plan. Acting CEO resigns

Troubled WSE-listed debt collector Getback will ask unsecured creditors to accept 34.64 percent of their debt payments in equity and pay out the rest of the debt in payments spread out till end-2025, the company’s restructuring proposal submitted to the regional court shown. The majority of the cash payments on the unsecured debt will be paid out in 2019 (24 percent of debt) and 2020 (30.6 percent) mostly. All coupon payments and existing maturities have been suspended. Remaining creditors, excluding the state, will be offered a 65.36 percent cash payout with no equity conversion option for the remaining sum. Equity conversion would result in 82 percent capital increase priced at PLN 8.63 apiece, the document shows. GetBack's debt constitutes PLN 2.81 billion, of which PLN 2.72 billion is covered by the restructuring plan.  Out of that figure, PLN 90.3 million debt is unsecured. Also on Monday, the company’s acting CEO Kenneth William Maynard stepped down effective immediately. “I was happy to be able to step into the void created by the departure of previous Management Board Members and provide some immediate stability. However, now that the Restructuring Plan has been submitted to the Court I believe the next phase is more suited to hands-on local Management Board Members,” Maynard said. He was named acting CEO on April 16 when GetBack sacked CEO Konrad Kąkolewski.