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#Current report 90/2018

Current report no. 90 /2018             (8.11.2018 r.)

Title:

Information about the opening of the accelerated conciliation procedure against the Issuing Party

Legal basis:

Article 54 section 1 point 2 of the Polish Offering Act. – current and periodic information

Content:

The Management Board of URSUS S.A. informs that on 8th November 2018 it received information that by the order of 7th November 2018 the Regional Court in Lublin – Wschód seated in Świdnik has positively recognized the request of the company to open the accelerated conciliation procedure and it has appointed a Judge Commissioner of the Regional Court in Lublin – Wschód seated in Świdnik Mrs Katarzyna Sacharuk and a Court Supervisor Mr Dariusz Warda (license no. of restructuring advisor 248).

At the same time the Issuing Party points that the proposed agreements, which were issued to the court together with the request on the opening of the conciliation procedure, are only of initial nature – without prior consultation with the creditors – they were mandatory due to the provisions of the restructuring law and the status of a public company. At present the Management of the Issuing Party and the appointed Court Supervisor are concentrating on stipulating all necessary details of solutions for the creditors to carry out the restructuring. Next these proposals will be directly negotiated with the concerned entities.

The main assumptions of the restructuring plan, which was attached to the request for the opening of the accelerated conciliation procedure, are disinvestments consisting of the sale of chosen elements of fixed assets of the Issuing Party, the improvement of the profitability of produced and sold goods by decreasing own cost of manufacturing, the adjustment of the employment structure to the changes in the company, the restructuring of the current debt and the reduction of operating costs.

Further communication regarding the plan and the restructuring process will be facilitated by the Issuing Party according to the applicable law.

The Issuing Party points that its priority is to conduct the accelerated conciliation procedure (in accordance with the restructuring law). Thanks to this it will be possible to carry out the restructuring of the company and, most of all, to secure the interests of the creditors. The current condition of the company is stable – steps connected with the process of filing bankruptcy are not considered at the moment. Developing and closing agreements with creditors and implementing all necessary changes in the functioning of the company will ensure its stable functioning in the future.

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