Poznan: Court announces Hydrobudowa and PBG’s bankruptcy

source: Wyborcza.pl / PAP

Poznan: Court announces Hydrobudowa and PBG’s bankruptcy District Court of Poznan proclaimed one of the largest stadium contractors in Poland bankrupt. Now Hydrobudowa and mother company PBG have over 18,000 liabilities to pay off – Polish press agency PAP informs.

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Poznan District Court decided to proclaim Hydrobudowa bankrupt with possibility to reach an agreementcourt’s press officer Joanna Ciesielska-Borowiec told PAP. Company retains its current board, but is under administration until all debts are paid off.

All creditors now have 3 months to raise their claims. And there’s quite many of them – Hydrobudowa listed over 18,000 liabilities (when filing for bankruptcy) that total around 1,23bln zloty (€285m).

Creditors with claims below 10,000 zloty will receive 100% of their money. Those below 1m zloty – 80%. And companies who Hydrobudowa owes more have to settle for 44%, with a possibility to add 5% in shares of the company at the price of 1 zloty per share.

Hydrobudowa was among top Polish stadium contractors. Three out of four venues of the Euro 2012 were built by this company. President of Hydrobudowa claims that the Poznan Municipal Stadium gave them reasonable revenue, Gdansk Arena contract only allowed for ends to meet while Warsaw’s National Stadium was the stadium to kill the company with allegedly 120m zloty into the red on this single contract.

Hydrobudowa was supposed to start work on Bialystok's new stadium just now, but it is expected their Spanish partners will take over that construction site.

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