JGA acts as an advisor to the creditor and investor in the summary arrangement proceedings of a medical entity operating a hospital

The JGA team advised VOXEL S.A., a company based in Kraków and listed on the Warsaw Stock Exchange, in the course of the summary arrangement proceedings of a debtor – a medical entity operating a hospital.

During the restructuring proceedings, the debtor submitted arrangement proposals, which were negatively evaluated by the court-appointed supervisor, resulting in the intended discontinuance of the proceedings. Identifying several synergies between its profile and the debtor’s activities, VOXEL S.A. submitted its own arrangement proposals to the court-appointed supervisor. The proposals included the conversion of VOXEL S.A.’s claims into the debtor’s share capital and a one-off repayment made to all remaining creditors, covering 100% of the principal sum, within the financing provided by VOXEL S.A.

The Creditors’ Meeting, with an overwhelming majority of votes (over 98%), supported the acceptance of the arrangement proposed by VOXEL S.A., resulting in a decision by the judge-commissioner to approve the arrangement. Once the arrangement is approved by the restructuring court, VOXEL S.A. will become the majority shareholder in the debtor’s entity, holding 91.45% of the voting rights at the Shareholders’ Meeting.

JGA’s advisory services included a legal and economic analysis of the debtor’s situation, preparation of the arrangement proposals, and representation of VOXEL S.A. before the court-apppointed supervisor and judge-commissioner. The leading members of the advisory team were Adrian Dzwonek and Krzysztof Galwas.