Vistal Group creditors terminate loans, credit lines

WSE-listed steel construction producer Vistal had his credit lines terminated by several lenders, including state-owned BGK. On the day of the termination, Vistal has PLN 8.4 million in outstanding debt. Moreover, BGK suspended the company’s credit line. BGK joins other banks, including ING Bank Śląski and PKO BP which terminated loans or suspended Vistal’s credit lines. The fledgling company said that it is in constant talks with its creditors to solve the issues, and 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.