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PL
PZU is the creditor of PBG SA (“PBG”) and Hydrobudowa Polska SA (“Hydrobudowa”), both located in Wysogotowo near Poznań, for the issued and executed insurance guarantees (contractual guarantees).
In 2012, bankruptcy proceedings were initiated against PBG and Hydrobudowa. On 21 September 2012, PZU joined the above proceedings submitting its claims to the insolvency estate of both companies.
PBG and Hydrobudowa belong to the same capital group with PBG as the parent entity. They granted sureties to each other. All claims submitted to the insolvency estate of Hydrobudowa in the amount of PLN 101 million have been therefore submitted in relation to the insolvency estate of PBG as well.
Following their verification by the judge-commissioner and the court appointed supervisor, PZU’s receivables due from the bankruptcy estate of PBG of PLN 103 million have been entered into the list of liabilities. As at 31 December 2016, the sureties amounted to PLN 99 million (as at 31 December 2015: PLN 102 million), and their decrease resulted from expiration of guarantees to which no claims were reported. Due to the fact that the receivable is highly unlikely to be redeemed, the amount was not recognized in the financial statements. At the creditors' meeting of 5 August 2015, PZU voted in favor of an agreement, and on 25 August 2015, the judge-commissioner confirmed the voting results and the conclusion of the agreement. On 8 October 2015, the bankruptcy court announced its decision, in which it approved the agreement concluded with the creditors. On 20 July 2016, the Bankruptcy Court issued a decision ending the bankruptcy proceedings. The decision is final.
In effect of realizing the agreement and reducing the receivables to the level of 20.93% of the receivables declared, PZU received 206,139 PGB bonds with a nominal value of PLN 21 million and 24,241,560 PGB shares with a nominal value of PLN 24 million. Both bonds and shares have not been recognized in the consolidated financial statements due to their nominal value described as zero, but they have been recognized in the off-balance records.
On the first list of claims presented to the judge-commissioner by the Receiver of Hydrobudowa there was the claim of PZU SA in the amount of PLN 16 million. The list of claims to the insolvency estate of Hydrobudowa has not been yet definitely established. The bankruptcy proceedings against Hydrobudowa is in progress. Determining the final list of claims is only the initial stage of these proceedings, as well as it precedes the preparation of the plan of division (after the liquidation of the insolvency estate).
