PBG, Builder of Polish Soccer Arenas, Seeks Bankruptcy
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PBG SA, Poland’s third-largest builder, decided to file for bankruptcy to help reach an agreement with creditors to cut debt by as much as 31 percent.
PBG, which helped build three out of four stadiums for European soccer championship that kick off in Poland and Ukraine this week, is proposing to honor 69 percent of its debt to creditors owed more than 1 million zloty ($282,700), 80 percent to those owned from 100,000 zloty to 1 million zloty and 100 percent for those owned lesser sums, the company said in a regulatory filing today.