Próchnik files a bankruptcy petition
On the weekend of May, the management board of Próchnik informed that it had begun to prepare a motion for bankruptcy. The reason for this decision is that the auditor has qualified for the annual report. The company auditing the Company indicated that since March the Court has not opened any restructuring proceedings, which in its opinion may be associated with a negative consideration of the application. Then the reserves created by the Company’s Management Board may turn out to be insufficient.
At the same time, the Management Board of the Company indicated in its announcement that it accepts the Independent Statutory Auditor’s reservation as justified. However, it stresses that in its view the request for the initiation of a cure is duly motivated and therefore deserves to be granted.