34/2015: Confirmation of execution of Arrangement with Creditors.
Further to Current Report No. 32/2015 of August 5th 2015, the Management Board of PBG S.A. w upadłości układowej (in company voluntary arrangement) of Wysogotowo (the “Company” or “PBG”) announces that in its Decision of August 25th 2015 the Judge Commissioner confirmed the execution of an Arrangement with Creditors consistent with the Company’s Arrangement Proposals of April 28th 2015, reported by the Company in Current Report No. 13/2015 of April 29th 2015.
The Judge Commissioner justified his Decision to declare the Arrangement executed by citing the results of a vote held at the Meeting of Creditors convened as part of the arrangement bankruptcy proceedings pending against the Company following the decision of June 13th 2012 by the District Court for Poznań – Stare Miasto of Poznań, 11th Commercial Insolvency and Arrangement Division, declaring the Company insolvent in voluntary arrangement.
In the Decision, the Judge Commissioner stated that out of the 356 creditors entitled to vote, whose claims totalled PLN 2,668,353,081.04, the majority, i.e. creditors representing PLN 2,524,530,857.86 (94.61%) of the total claims conferring voting rights, voted in favour of the Arrangement. Specifically, the creditors voted as follows:
Group 1:
- out of 44 creditors with claims totalling PLN 222,912,923.93;
- 34 (77.27%) creditors voted in favour, representing PLN 193,337,772 (86.73%) of the claims in this Group;
Group 2:
- out of 256 creditors with claims totalling PLN 14,345,258.23;
- 235 (91.80%) creditors voted in favour, representing PLN 12,982,129 (90.50%) of the claims in this Group;
Group 4:
- out of 9 creditors with claims totalling PLN 104,822,513.90;
- 5 (55.56%) creditors voted in favour, representing PLN 86,151,155 (82.19%) of the claims in this Group;
Group 5:
- out of 58 creditors with claims totalling PLN 2,311,394,119.12;
- 39 (67.24%) creditors voted in favour, representing PLN 2,217,181,536 (95.92%) of the claims in this Group;
Group 6:
- the only creditor in this Group with claims of PLN 14,878,265.86 voted in favour of the Arrangement, representing 100% of the total vote and 100% of the claims in this Group;
Group 3 and Group 7 creditors were not entitled to vote.