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Subsidiary of PGE Dystrybucja S.A. filed petition in bankruptcy with the possibility of composition and petition for dismissal of petition in bankruptcy and approval of initiation of the recovery proceeding

  • No. of the report: 30/2012
  • Report date: 22.06.2012
  • 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”) discloses that it has received information that on June 21, 2012 the Management Board of EKTO Sp. z o.o. with its registered office in Białystok (the „Subsidiary”) filed a petition in bankruptcy with the possibility of composition with the District Court in Białystok - Bankruptcy Court, 8th Commercial Division (the “Court”). At the same time the Management Board of the Subsidiary filed with the Court a petition for dismissal of petition in bankruptcy and approval of initiation of the recovery proceeding.

The Subsidiary is PGE's dependent entity under the accounting regulations obeyed by PGE, and is consolidated in the PGE’s financial statements. The shareholder of the Subsidiary is PGE Dystrybucja S.A., which is a subsidiary of PGE. As at March 31, 2012 the balance sheet total of the Subsidiary amounted to approximately PLN 12.1 million.

Legal ground: § 5 section 1 p. 24 and § 30 p. 1 and 10 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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