Pol-Mot Holding went bankrupt
A Warsaw court has declared Pol-Mot Holding (PMH) bankrupt. This is the company that is the majority shareholder of Ursus and the car dealer Pol-Mot Auto.
Ursus is in bankruptcy and Pol-Mot Auto is in sanitation. It was the financial problems of these companies that drove PMH into bankruptcy. The company guaranteed and secured their loans to the amount of PLN 110 million.
Andrzej Zarajczyk, president and majority shareholder of PMH, has announced filing a complaint against the bankruptcy decision.
A few weeks ago he filed a motion to open sanitation proceedings. However, the court returned it. A bankruptcy petition filed by Getin Noble Bank was also on the table. It was based on a PLN 5.3m claim on PMH’s promissory note guarantee for a loan the bank had given to Ursus.
The first bankruptcy petition of PMH on account of the surety of the Ursus loan worth PLN 12 million was filed by PKO BP already at the beginning of 2019. The company wanted to avoid bankruptcy and applied for accelerated arrangement proceedings. It was initiated in April 2019. The vote on the arrangement proposals took place in February 2021. As many as 18 creditors were in favor of it. However, the vote of PKO BP decided that it was not accepted. The court discontinued these proceedings. PMH started simplified restructuring proceedings. However, it too ended in a fiasco.