FKA Furtek Komosa Aleksandrowicz advised in restructuring the debt of the Pamapol group owed to PKO BP and BGŻ

PAMAPOL S.A., a WSE-listed company, is the holding company of a group comprising, among others, a leading producer of ready-made meals and one of the leading producers of tinned and frozen peas and beans.

The Restructuring Agreement applies to the revolving credit facilities granted to the Pamapol group by PKO BP (the biggest Polish bank) and BGŻ (a major Polish bank leading in the agriculture and food sector) and sets out certain other terms and covenants for the entire bank debt and directions for financing the Pamapol group in the future. In particular, the Restructuring Agreement provides a certain capital contribution, with a view to the planned offering of new shares of Pamapol, with funds committed by Mr Mariusz Szataniak and Mr Paweł Szataniak, key shareholders of Pamapol. These key shareholders (along with the borrowers and certain other subordinated creditors) entered into a Support Agreement with the two banks whereby, in addition to the subordination of shareholder debts to credit facilities, they assumed certain obligations in the context of a public offering of new shares to be raised from capital markets. In turn, the two banks agreed to postpone the final maturity of the revolving credit facilities and, upon completing the conditions precedent, to make these credit facilities available in higher limits.

The FKA Furtek Komosa Aleksandrowicz team comprising Leszek Rydzewski, Partner, and Bartłomiej Bronisz, Associate, has been acting as special restructuring documentation counsel appointed in the interest of both banks, whereas Pamapol was represented by the Stachowicz&Ptak team (Bogusław Ptak, Partner, and Małgorzata Orlik, Associate).