Stomil Poznan on the verge of bankruptcy

Three trade union organizations operating in Stomil informed that Stomil Poznań is threatened with liquidation.

The company has existed for 90 years. It produces tires and raw material in the form of rubber mixtures for many sectors of the economy. The main customer is a well-known global tire company. According to trade unionists, the company could still operate. There is no shortage of orders. The problem, however, is the enormous debts incurred by successive management boards of the company. Their collateral is real estate owned by the company. The unions calculated that from selling them, the company could obtain about 95 million PLN. However, after paying off the debts, the company would have only PLN 5-10 million left. This would not be enough to move the production to another place. According to the union workers, the actions of Stomil’s owner, i.e. the Polish Armed Group (PGZ) are aimed at liquidating the company. The justification is to be the permanent unprofitability of the Poznañ plant.

PGZ argues that it does not want to allow Stomil Poznan to go bankrupt. The company is waiting for the decisions of the Management Board concerning the real plan of its restructuring. Cezary Krasnodomski, the deputy chairman of Stomil Poznan, assured that the board would once again present a restructuring plan for the company to the majority shareholders.

Source: https://www.money.pl/gospodarka/stomil-poznan-na-krawedzi-upadlosci-zwiazki-kresla-czarny-scenariusz-6705822838876800a.html