The conflict between Gant and its bondholders is heating up, the daily Puls Biznesu reports, after the developer failed to pay interest on its two-year secured bonds. The offering netted just PLN 21.93m in August 2012, despite expectations of PLN 42m. Investors were offered 11-percent coupons that were to be paid out on a quarterly basis. But Gant has only made two payments, forcing bondholders to take the developer to court. After Gant filed for bankruptcy at the end of last year, however, its shareholder agreement was terminated.
