Vistal files for bankruptcy

WSE-listed steel construction producer Vistal Gdynia has filed a bankruptcy motion to the Gdańsk district court, the company said in a market filing. “The application is related to the dynamically changing situation reported by the company in current reports and is intended to secure the interests of the company, its shareholders and all creditors,” the statement read. At the same time, the company reminded that it has previously filed for remedial proceedings, and in line with the Polish law, that motion will be examined first. “The management of the company is in intensive talks with business partners to solve the difficult situation in which the Vistal Group companies are now,” the statement added. After a number of long-term contracts budgets being revised in recent months, the company had a PLN 107.1 million consolidated net loss in Q2, down from PLN 7.69 million profit last year. EBIT loss amounted to PLN 126.2 million, compared to PLN 10.3 million profit a year earlier.