Thanks to the agreement with the creditors that is currently being negotiated, Kolastyna, the cosmetics producer, may cut its indebtedness to PLN 15m (€3.6m), according to Parkiet. At present, the company’s liabilities total to around PLN 40m (€10m). Voting on the settlement is to take place by the end of 2010.
In accordance with the agreement, PLN 7m (€1.7m) of liabilities are to be reduced by 40% and the payments are to be postponed until 2011-2015. Around PLN 2m (€500,000) of liabilities may be converted for shares.
The company’s biggest creditors are banks, to whom Kolastyna owns PLN 33m (€8m), of which PLN 23m (€5.5m) is secured by the company’s property. Most of the debts are to be repaid by selling Kolastyna’s real estate.
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