Ghelamco Polish Unit’s Bonds Drop on Auditor’s Liquidity Concern

Bonds issued by Polish unit of property developer Ghelamco dropped after the company’s auditor reported material uncertainty related to going concern due to high indebtedness, according to an opinion from its annual report.

• Ghelamco Invest’s bonds maturing March 2027 dropped to 78% of nominal value at end of trading on May 2 from 90% on April 30, while bonds maturing Jan. 2028 dropped to 77% from 90%
• Auditor KPMG said that Granbero Holdings, Ghelamco’s unit responsible for Polish operations, had short-term liabilities amounting to €169m at the end of 2024, putting pressure on company’s liquidity position
  • While Granbero seeks ...