Vistal files motion for remedial proceedings

WSE-listed steel construction producer Vistal has submitted a request for the opening of the remedial proceedings, the company said in a market filing. “The decision was dictated by the need to protect the rights and interests of the company, its shareholders, and its partners. The company has decided to take restructuring measures that are intended to improve the company's financial situation and avoid bankruptcy,” the statement said. In recent weeks, a number of banks terminated Vistal loans, demanding that they are paid back. In order to avoid bankruptcy, Vistal has picked a number of assets earmarked for sale in order to cover its debts. On top of that, three of its subsidiaries have filed for bankruptcy. Recently, Vistal informed that due to revised budgets of its long-term contracts, the H1 results could be lower by some PLN 88.1 million.