PBG Group companies file for insolvency with arrangement option to protect their employees, creditors and shareholders
PBG Group companies file for insolvency with arrangement option to protect their employees, creditors and shareholders
PBG Group companies, i.e. PBG Avatia, Dromost, Przedsiębiorstwo Robót Inżynieryjno-Drogowych, Metorex, KWG, PBG Technologia, PBG Energia and Strateg Capital, have filed petitions at the respective courts to protect the companies and safeguard the interests of all their creditors and employees. The decisions of the management boards result primarily from their mutual relationships, including sureties for loans, with other PBG Group companies which filed petitions for insolvency with arrangement option at the beginning of June.
The companies resolved to file the petitions in connection with the mutual sureties granted for loans terminated by the banks following the declaration of insolvency by PBG and Hydrobudowa Polska and the fact that the companies are members of consortia executing low-margin contracts within the PBG Group and are jointly and severally responsible for the debts of the consortia. The immediate reason for filing the petitions is also the fact that PBG, Hydrobudowa Polska and APRIVIA are major debtors of some of the companies.
Like in the case of the petitions filed by PBG, Hydrobudowa Polska and APRIVIA, the decisions were also made to enable the companies to carry on their operations. The companies' objective is to bring the current projects to completion and settlement.