Lack of funds for the proceedings of Husar Gruppa S.A.
By order of 14 January 2019 The District Court in Warsaw dismissed motions for bankruptcy of Husar Gruppa S.A., including the motion of the debtor himself. The decision is not legally binding.
During the hearing, the temporary court supervisor presented an analysis of the Company’s situation, indicating that he did not have assets that would be sufficient to cover the costs of the proceeding. Nor is it sufficient to satisfy creditors in any way. The costs of the proceedings, estimated by the temporary court supervisor, would amount to PLN 1 million.
Hussar Gruppa S.A. stopped servicing its bond obligations at least since July last year. Initially, the Company indicated that a few weeks would be enough to “normalize the situation”. Subsequently, it filed a motion to open accelerated composition proceedings and a motion to declare bankruptcy.