Aktuální report č. 77 / 2012

Revocation of management by the bankrupt entity, PNI, and establishment of an administrator

As regards Current Report No. 58/2012 of 13 September this year, the Management Board of Budimex S.A. announces that on 4 December this year it was informed of the decision of the District Court for Warsaw - Praga Północ in Warsaw, 9th Commercial Division for Bankruptcy and Reorganization (the Court) to revoke on 30 November this year the management by the bankrupt entity of Przedsiębiorstwo Napraw Infrastruktury Sp. z o.o. in voluntary arrangement and to establish an administrator, Mr Tomasz Sadowski, i.e. the hitherto temporary court-appointed supervisor.
The Court adopted this decision ex officio, having regard to: (i) a motion of a creditor - Przedsiębiorstwo Robót Kolejowych i Inżynieryjnych S.A. with its registered office in Wrocław (PRKiI) supported by the creditors - Dolnośląskie Przedsiębiorstwo Napraw Infrastruktury Komunikacyjnej DOLKOM Sp. z o.o. with its registered office in Wrocław (DOLKOM) and PKP Energetyka S.A. with its registered office in Warsaw (PKPE), which are partners of PNI Sp. z o.o. in a jointly performed contract of civil works executed in the section Wrocław – Grabiszyn – Skokowa and Żmigród – border with the Dolnośląskie Voivodeship and (ii) a motion of PKP PLK S.A. with its registered office in Warsaw, which was the principal of contracts performed by PNI Sp. z o.o. in voluntary arrangement together with the said consortium partners.
In the opinion of the Management Board of Budimex S.A., the grounds provided in the motion submitted by PRKiI and supported by DOLKOM and PKPE only referred to one of many contracts performed by PNI Sp. z o.o. in voluntary arrangement and had regard to the particular interests of the three creditors only. Furthermore, the arguments presented in the said motion were groundless from the beginning. As to the motion of PKP PLK S.A., the Management Board of Budimex S.A. is of the opinion that all actions undertaken by the Management Board of PNI Sp. z o.o. in voluntary arrangement were aimed at securing and future satisfying the interests of all creditors without the application of any special privileges for certain creditors (except for minor creditors and employees) as well as at executing investments which are key to PNI and its further operation.
The Court's decision on the revocation of the management by the bankrupt entity and establishment of an administrator has consequences for the material situation of PNI. Until the court's decision to approve the arrangement becomes final, the responsibility for the management of the company's property will be borne by the Court-appointed administrator. Whereas all matters pertaining to negotiation and arrangements with PNI creditors, made within arrangement proposals put forward by the company, shall require cooperation with the company's management board.