A well-known company is going through hard times again. An important agreement has expired

Rafako announced that the agreement between the company and financial institutions on the temporary suspension of debt collection has expired. The reason was, as we read in the announcement, the failure to conclude an agreement for the sale of Rafako shares between PBG and PG Energy Capital Management (the investor). until November 30. The sale of shares was one of the conditions for maintaining the agreement.

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Earlier, the company also convened General Meeting. It will take place on December 21. Rafako, according to preliminary assumptions, wants to issue special securities that give the right to buy the company’s shares at a specific price.

These securities will be offered only to two entities: PG Energy Capital Management and PFR Fundusz Inwestycyjny FIZ AN. The company’s shareholders will not be able to buy these securities or the shares resulting from them. The company must also amend its articles of association to enable this.

This decision may help save the company, which has recently been experiencing significant difficulties. Failure to make such a decision may result in loss of liquidity and filing for bankruptcy a company employing nearly nine hundred people – emphasized the then president Dawid Jaworski in November.

He also talked about the causes of the problems in an interview with PAP. – The situation has been difficult since 2020. That’s when the restructuring project began, which has lasted nearly three years. Today, the company has exhausted the possibilities of extending this process. We still have a high level of debt and negative equity (close to PLN 450 million as of June 30, 2023 – editor’s note) – he explained.

Since then, the company’s management has changed, but its situation has not changed. At the end of October, Dawid Jaworski was dismissed from the position of president of Rafako – the company’s supervisory board decided. Robert Kuraszkiewicz became acting president. The change can be considered surprising considering the high-profile problems of the company from Racibórz.

Rafako is a company specializing in the production of boilers and environmental protection devices for the energy industry. The company offers comprehensive solutions for power units fired with fossil fuels. In 2022, Rafako’s consolidated sales revenues amounted to PLN 391 million. The company employs approximately 900 people.