Nextbike: NB Tricity restructuring needed to complete Mevo project

Nextbike Polska plans to restructure its unit NB Tricity to restore financial liquidity, the company said. Restructuring proceedings at NB Tricity will enable the completion of the second stage of the Mevo project and will not affect its current functioning, said Nextbike CEO Paweł Orłowski. In August Nextbike reported Q2 net loss, which resulted from higher than expected costs of launching the Mevo project and fines for delays.

"In our opinion, the restructuring procedure that we want to apply to NB Tricity is the best option available, which will allow the continuation of the Mevo project," Orłowski said. As part of the restructuring, NB Tricity proposed to repay 10 percent of the principal (i.e. liabilities to creditors) in 12 equal monthly installments.

(ISBnews)