Vistal Gdańsk bankruptcy proceedings annulled

The Gdańsk district court decided to drop the bankruptcy proceedings of the WSE-listed steel construction producer Vistal Gdynia. Such ruling had to be made as Vistal filed for remedial proceedings after filing for bankruptcy, and according to Polish bankruptcy laws “A bankruptcy of an entrepreneur cannot be declared in the period from the opening of remedial proceedings until its completion or final redemption.” The motion for remedial proceedings was filed on November 20, while the bankruptcy one was filed in early October. 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. Prompting a number of banks terminated Vistal loans, demanding that they are paid back.