5/2015: Consortium performing the Underground Gas Storage Facility project summoned to a conciliation hearing
The Management Board of PBG S.A. w upadłości układowej (in company voluntary arrangement) (the “Company”, “PBG”) announces that on February 27th 2015 it was notified by the Proxy that on November 21st 2014 Polskie Górnictwo Naftowe i Gazownictwo S.A. filed a request to summon the companies of the Consortium performing the project “Construction of the Wierzchowice Underground Gas Storage Facility, phase: 3.5bcm, sub-phase: 1.2 bcm”, to a conciliation hearing. The request was filed with the District Court for Poznań – Stare Miasto of Poznań, 10th Commercial Division. The Consortium companies include: PBG S.A. w upadłości układowej (in company voluntary arrangement), Tecnimont S.p.A., TCM FR (formerly: Société Française d’Etudes et de Réalisations d’Equipements Gaziers SOFREGAZ), Plynostav Pardubice Holding a.s., and Plynostav – Regulace Plynu a.s.
PGNiG summoned the companies to enter into a settlement whereby they would agree to pay to PGNiG, within 14 days of the settlement date, the amount of PLN 143,661,535.26, including a contractual penalty of PLN 133,398,952.81 and accrued interest of PLN 10,262,582.40.
The Company reiterates its position with regard to the contractual penalty, as stated in current reports No. 7/2014 of April 2nd 2014 and No. 8/2014 of April 8th 2014, and will uphold this position during the settlement negotiations.
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