Avallon-backed Fiten files for bankruptcy

The application was filed in connection with the court's decision on 13 May 2019 to discontinue the restructuring proceedings.

Fiten posted a loss of PLN 9.5m from sales of PLN 227.8m in 2018, according to company records posted on the Warsaw Stock Exchange.

Avallon had not responded to a request for comment on the situation at the time of publication.

Previous funding
Avallon acquired Fiten in 2008, drawing equity from Avallon MBO Fund I. It is one of three assets remaining in the vehicle, according to the GP's website.

Company
Fiten was founded in 2007 and is headquartered in Katowice. It engages in the electricity and gas trading markets in Poland, Germany, Austria and the Czech Republic.

People
Avallon – Tomasz Stamirowski (managing partner).

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