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The Extraordinary General Meeting of PBG SA in arrangement bankruptcy ordered the break in the session

2013-09-30

The Extraordinary General Meeting of PBG SA in arrangement bankruptcy ordered the break in the session until October 21, 2013. The main Shareholder of PBG, Mr. Jerzy Wisniewski, requested a break, which has to give Creditors more time to analyze the current arrangement proposals.


The main Shareholder of PBG SA in arrangement bankruptcy, since the beginning of the restructuring process is actively involved in the process and committed to the early conclusion of the Company's agreement with Creditors. He decided, however, that the additional three weeks are needed to give Creditors more time to agree on the final position and the completion of work related to the accession to the signing of a restructuring agreement.
- We are willing to wait with making resolutions of the General Assembly until, we are sure, that all relevant issues for the restructuring of the Company will be duly reflected in the resolutions - said Kinga Banaszak - Filipiak, vice - president of the Management Board of PBG.
According to the Management Board of the Company, the restructuring and the works on systemic bankruptcy are heading in the right direction and on the basis of discussions with the Creditors it can be concluded that the proposed conditions of the restructuring met with general support.
Additional time we plan to spend on establishing the details of the systemic bankruptcy and further discussions on the restructuring agreement - added Kinga Banaszak-Filipiak. We look forward to the emergence of a common representation of Creditors, which could conduct negotiations in an organized manner. We want to make our arrangements with Creditors fully reflected in the resolutions adopted by the General Meeting of Shareholders.
One of the key element of the Company is now a solution to the new financing. Depending on the progress of discussions and calendar issues in the Bankruptcy Court, the Company allows opportunity to check the presumption of conditional funding before voting on the systemic bankruptcy and postpone these discussions after the vote.
 

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