The oldest company on the Warsaw Stock Exchange is to be liquidated

The oldest company on the Warsaw Stock Exchange is to be liquidated

On 5 June 2018, the District Court for Łódź-Śródmieście in Łódź issued a decision on declaring Próchnik S.A. bankrupt. The motion to declare bankruptcy of the Company was submitted by the Management Board, which argued that the motion does not mean that the Management Board recognizes the lack of legitimacy of conducting rehabilitation proceedings.

However, on 29 May 2018, due to excessive debt, initiation of enforcement proceedings and blocking of the Company’s accounts, the Management Board decided that “the restructuring capabilities of Próchnik were significantly limited”. The above resulted in the declaration of bankruptcy of the Company.

The sampler was the oldest company listed on the Warsaw Stock Exchange.

Source: https://www.bankier.pl/wiadomosc/Sad-oglosil-upadlosc-Prochnika-Najstarsza-spolke-z-GPW-czeka-likwidacja-7595038.html

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