A petition for bankruptcy of Trakcja PRKiI was filed
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The motion of Impression for bankruptcy of Trakcja PRKiI was registered in the Warsaw district court. It includes the liquidation of the company’s assets and its security through the appointment of a temporary court supervisor. Trakcja PRKiI considers the submission of the application to be a completely unjustified step.
Request with formal defects
The Management Board of Trakcja PRKiI, in a statement, informed that it obtained informal information about the receipt of a motion of Impression company to the District Court for the capital city of Warsaw, which concerned the declaration of bankruptcy including liquidation of Trakcja’s assets together with a motion to secure its assets. After immediate verification of this information, Trakcja managed to establish that such a motion was actually filed, however, at the moment it is not further prosecuted by the court due to formal deficiencies.
Excessive costs and pressure element
Trakcja PRKiI concluded a subcontractor agreement with Impression on 17 July 2017, which was later amended by two annexes. It concerned the execution for PLN 9.9m net, strengthening of the soil and embankment, as well as the foundation made of soil stabilized with cement. There is a dispute between the companies over the costs of this implementation, caused by an overstated opinion of Trakcja, which, despite numerous calls for tenders, were not confirmed by Impression with proper source documents.
The Trakcja Management Board informed that the application submitted by Impression is completely unfounded and in its opinion it constitutes only and exclusively an element of pressure on the company in connection with the dispute between the entities.
Better results, but still on the downside.
Trakcja PRKiI recorded in Q1 of this year PLN 228.5m of consolidated sales revenue, compared to PLN 205.1m a year earlier. This means an increase of 11.4% y-o-y. The net loss in this period amounted to PLN 16.1m. This result was better compared to the net loss of PLN 22.5m in the corresponding period of 2018.