"In our opinion only the implementation of the arrangement procedure would satisfy to the highest degree all stakeholders, which means a return to a stable, sustainable growth path," board member Przemyslaw Dabrowski said in a statement.

Under its proposed restructuring plan now being reviewed by a court, bondholders would receive by 2025 less than 66 percent of the amount they are due, roughly a third in newly issues shares, and without interest.

GetBack ran into trouble after buying large portfolios of distressed debt at higher prices than its competitors and funding this with short-term bond issues.

This month the company postponed its 2017 earnings announcement and initiated restructuring plans.

On Wednesday GetBack said it was considering selling some of its portfolios of distressed debt and planned to publish its 2017 results by May 15.

At the end of April it failed to redeem bonds worth $25 million (18.4 million pounds), prompting worries about its remaining $719 million worth of bonds.

GetBack shares have lost nearly 90 percent of their value since October. Trade in GetBack bonds and shares was indefinitely suspended in April.

(Reporting by Marcin Goettig; editing by Jason Neely)