Current report no. 93/2018 (20.11.2018)
The Issuing Party received initial settlement submission concerning the repayment of the loan from Powszechna Kasa Oszczędności Bank Polski S.A.
Article 54 section 1 point 2 of the Polish Offering Act. – current and periodic information
The Management of URSUS S.A. in restructuring informs that on 20th November 2018 it received from Powszechna Kasa Oszczędności Bank Polski S.A. the initial settlement submission concerning the repayment of the loan under the agreement on the multi-purpose credit line concluded on 7th October 2015 as amended. The Company is going to negotiate with the Bank in order to keep the financing granted to the Issuing Party or the way and date to decrease the loan. The negotiations consider the fact that the accelerated conciliation procedure was instigated with respect to the Issuing Party.
The Management of the Issuing Party connects the issuing of the above-mentioned letter with the previous unsuccessful attempt of the above-mentioned Bank to terminate the loan – the multi-purpose credit line concluded on 7th October 2015 as amended. The unsuccessful attempt of terminating the agreement was the result of the fact that the Company started formal restructuring by the issuing of the order to open the accelerated conciliation procedure on 7th November 2018 and formal deficiencies of the letter regarding the termination. The Court Supervisor, appointed by the Court in the restructuring process, agrees with the stance of the Issuing Party with regard to the termination of the agreement. At the moment the Parties aim to agree on new conditions of further cooperation regarding the financing (a loan agreement) having in mind the current situation of the Company in restructuring. The Issuing Party will inform about the final conclusions in a separate report.