{"id":5359,"date":"2019-06-04T14:47:59","date_gmt":"2019-06-04T14:47:59","guid":{"rendered":"https:\/\/ck-legal.pl\/gielda-nie-wpuszcza-obligacji-pbg\/"},"modified":"2022-01-12T15:18:27","modified_gmt":"2022-01-12T15:18:27","slug":"the-stock-market-refuses-to-admit-pbg-bonds","status":"publish","type":"post","link":"https:\/\/ck-legal.pl\/en\/the-stock-market-refuses-to-admit-pbg-bonds\/","title":{"rendered":"The stock market refuses to admit PBG bonds"},"content":{"rendered":"
It is about risk again.\u00a0The Management Board <\/u>of the\u00a0Warsaw Stock Exchange (WSE) has refused to list PBG bonds, issued as part of its arranged restructuring, on Catalyst. The bonds were taken up by the creditors of PBG and covered by the receivables under the arrangement. The creditors received new bonds in place of their original receivables. The refusal occurred due to the following:<\/p>\n All this is true.<\/p>\n The expert refused to express an opinion on the Company’s financial statements for 2018 (the same as in the previous year). Simply put, the reason for the refusal is that the auditor was not convinced by the vision presented by the Management Board.\u00a0The auditor claimed<\/a> that he did not obtain sufficient evidence justifying the assumptions made by the Company’s Management Board in the cash flow plan for the sources of financing of the Company’s liabilities during the arrangement. In other words, the expert was not convinced that PBG would generate sufficient cash quickly enough to meet its obligations under the arrangement. And failure to repay those liabilities could jeopardise the company’s status as a going concern.<\/p>\n\n