June 6, 2019 / 8:17 AM / 10 days ago

BRIEF-Zaklady Miesne Henryk Kania Says Alior Bank Terminates Reverse Factoring Agreement

June 6 (Reuters) - Zakłady Mięsne Henryk Kania SA:

* SAID ON WEDNESDAY THAT ALIOR BANK HAS TERMINATED ITS REVERSE FACTORING AGREEMENT WITH THE COMPANY

* SAYS THAT REASON FOR TERMINATION OF AGREEMENT, AS STATED BY THE BANK, WAS THE COMPANY’S FAILURE TO MEET PART OF ITS CONTRACTUAL OBLIGATIONS, LOSS OF CREDITWORTHINESS AND CESSATION OF PERFORMING MAJOR PART OF ITS ACTIVITY WITHOUT THE BANK’S CONSENT

* SAYS THAT AS A CONSEQUENCE COMPANY IS OBLIGED TO RETURN 88.4 MILLION ZLOTYS DUE TO THE BANK WITHIN 7 DAYS

* SAID AS AT JUNE 5 IT IS DUE TO PAY BACK THE BANK 60 MILLION ZLOTY CURRENT ACCOUNT AND RENEWABLE LOANS

* SAID IS UNABLE TO RETURN THE LOANS WITHIN THE SET TIME FRAME DUE TO LACK OF FUNDS

* ALIOR BANK SAID IN A SEPARATE STATEMENT THAT ITS TOTAL EXPOSURE RELATED TO FINANCING OF A CLIENT IN FOOD SECTOR AMOUNTS TO 233.1 MILLION ZLOTYS AS AT JUNE 5

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Further company coverage: (Gdynia Newsroom)

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