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MESSAGE (ENGLISH VERSION) | |
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The Management Board of CASH FLOW S.A. with reference to current report
no. 59/2009 dated December 18,2008 informs that of February 4, 2009 the
Management Board of CASH FLOW S.A. obtained information about withdrawal
of bakruptcy petition against Poznanskie Zaklady Naprawcze Taboru
Kolejowego S.A. (PZNKT S.A.), which was submitted on December 2008 to
Provincial Court in Poznan by one of creditors of PZNTK S.A. and about
dismissal of bankruptcy proceeding.Pursuant to art. 10 of
bankruptcy law, bankruptcy is declared of debtor, who become insolvent
(doesn't pay his liabilities which are in due). Total amount of PZNTK
liabilities which are due to CASH FLOW S.A. excess PLN 17 M. President
of the Management Board of CASH FLOW S.A. assesses that there are
premises to submit bankruptcy petition against PZNTK S.A.. Current
enforcement proceeding is ineffective at the moment, furhermore many
other creditors of PZNTK join to proceeding and submit multimilion
liabilities. The company stresses the fact that vice-president of CASH
FLOW S.A. Mr Grzegorz Gniady refused to sign petition in bankruptcy
against PZNTK S.A. therefore President of the Management Board of CASH
FLOW S.A. guided by best interest and goodwill of the Company ordered
extarnal Law Office, which represents CASH FLOW S.A., to prepare and
submit petition in bankruptcy against PZNTK.PZNTK is guarantor
of general finance agreement, under which lincenses CASH FLOW S.A.
financed business activity of Sigma Sp. z o.o. At the day of February
4,2009 Sigma Sp. z o.o. debt to CASH FLOW S.A. guaranteed by PZNTK,
exceeds PLN 17 M (seventeen milions polish zloty) and is due in full.
Mentioned debt is secured by mortgage on possessions, which are
long-term lease of PZNTK and its subsidiary - ZNTK Nieruchomości with
its registered seat in Poznan, in total amount of PLN 19 M (nineteen
milions polish zloty) including mortgages in phase of creation (PLN 4
M), agreement of possessions transfer including electric locomotives and
electronic traction units which are subjected to factoring, blank bills
of Sigma Sp. z o.o. guaranteed by PZNTK.The President of the
Management Board Mr Igor Kazimierski, annouces that the Vice-president
of the Board, Mr Grzegorz Gniady refused to sign the current report and
to publish information about petition in bankruptcy against PZNTK S.A.
and at the same neglected his responsibility as a Board member resulting
from the Act of July 29th 2005 Governing Public Offers as well as fro
the Decree by the Ministry of Finance from 19th October 2005 governing
the publishing of current and periodic reports by the issuers of
securities
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