58/2012: Court ruling on PBG's insolvency
The Management Board of PBG S.A. was notified of a ruling, dated June 13th 2012, by the District Court for Poznań—Nowe Miasto and Wilda, XI Commercial Insolvency and Arrangement Division, declared the Company's bankruptcy aiming at an arrangement with creditors. The ruling will become final after one week from the date a copy of the ruling is served on the Company, unless the ruling is appealed against before the lapse of such period.
The court ruled to retain the Company's incumbent Management Board, appointed Judge Łukasz Lipowicz to oversee the process, and appointed Syndycy Wielkopolscy Bojarski, Senger-Kałat, Gnatowski spółka komandytowa as the receiver.
For details on the Company's petition see Current Report No. 42/2012 of June 4th 2012.
In its petition for insolvency, the PBG Management Board proposes two scenarios for the arrangement, including partial repayment of creditors' claims, reduction of part of the financial debt, and conversion of claims into PBG shares. Scenario A provides for:
1) repayment of 100% of the nominal amount of claims of up to PLN 100,000.00 (excluding interest on the principal amount);
2) repayment of 80% of the nominal amount of claims from PLN 100,000.00 (excluding interest on the principal amount) to PLN 1,000,000.00;
3) repayment of 69% of the nominal amount of claims above PLN 1,000,000.00.
Scenario B provides for satisfaction of creditors' claims in line with scenario A, with an additional option (available for claims of above PLN 1m) of conversion of debt to equity, i.e. PBG shares, at a price of PLN 40 per share, up to 12% of the documented claim. The conversion of debt into shares will be effected within one year from the day on which the decision to approve the arrangement becomes final.
Legal basis:
Par. 5.1.24 of the Minister of Finance’s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009.
Pliki:
Full version of report (.pdf - 79,73 kB)