In 1999, PZU granted a mortgage to Metro-Projekt Sp. z o.o. ("Metro-Projekt") with a 5-year tenor. The amount of the loan was the equivalent of USD 25,500 thousand. The loan was collateralized by maximum value mortgage on property, including the land perpetual usufruct and a building owned by Metro-Projekt, located in Warsaw at Al. Jerozolimskie 44.
Metro-Projekt did not repay its loan and in November 2002 it was declared bankrupt.
The proceedings resulting from the Receiver of Universal SA filing for a separation of the property located at Al. Jerozolimskie 44 in Warsaw from the bankruptcy estate of Metro-Projekt began in 2004.
As a result of a settlement concluded in 2013, in exchange for resigning from claims for the insolvency estate of Universal, the insolvency estate of Metro-Projekt was to be charged with an additional amount of PLN 5,722 thousand to be transferred to the former.
After several unsuccessful efforts to sell Metro-Projekt, another announcement of the Receiver concerning the sale of the enterprise was published on 25 August 2014. The starting price for was set at PLN 80.000 thousand. The only bid in the amount of PLN 80.000 thousand was opened on 21 October 2014.
The Receiver sold the enterprise for PLN 80.000 thousand on 18 December 2014.
As at 31 December 2014, the carrying amount of the receivables from Metro-Projekt was PLN 109,478 thousand. On 28 April 2015, the claim of PZU in the amount PLN 109,478 thousand was fully satisfied with the funds from sale of the business of the company and other means included in the insolvency estate.