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Information about dismissal of a petition in bankruptcy of a subsidiary

  • No. of the report: 21/2011
  • Report date: 09.06.2011
  • Report legal ground: Art. 56 section 1 p. 2 of Act on Public Offering – current and periodic information

Contents of the report

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”) advises that it has received information that the Regional Court in Zielona Góra, 5th Commercial Division (the “Court”), dismissed the petition in bankruptcy of „Pensjonat Dychów” Sp. z o.o. with its registered office in Dychów (the „Subsidiary”), that was submitted to the Court on March 11, 2011 by Ms Beata Niedobecka, the liquidator of the Subsidiary. The petition was dismissed because the Subsidiary’s assets do not allow to cover the bankruptcy proceeding costs, as well as to repay part of claims of the creditor, which is the only shareholder of the Subsidiary, what also indicates the lack of reasons for declaration of bankruptcy.

The Subsidiary is PGE's dependent entity under the accounting regulations binding on PGE, however in view of the insignificance of its balance sheet total and revenues, the Subsidiary is not consolidated in the PGE’s financial statements. The shareholder of the Subsidiary is PGE Energia Odnawialna S.A., which is subsidiary of PGE (PGE Energia Odnawialna S.A., as the only shareholder, has 100% of Subsidiary's shares and 100% of the total votes).

Legal ground: § 5 section 1 p. 24 and § 30 p. 2 of the Regulation of the Polish Minister of Finance of February 19, 2009 on current and periodic information published by issuers of securities and on conditions under which such information may be recognized as being equivalent to information required by the regulations of law of a state which is not a member state. (Dziennik Ustaw of 2009 No. 33, item 259 as amended).
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