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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 100,996 thousand 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 103,014 thousand have been entered into the list of liabilities. As at 31 December 2015 and 31 December 2014, the sureties amount to PLN 102,164 thousand and their reduction is due to the expiration of a part 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. The decision is not final. When the approval of the agreement is legally binding, PZU will receive 21% of the claim in the form of cash payments, in accordance with the schedule agreed upon in the agreement proposals, and in a non-cash form, involving a conversion of 0.491927% of the debt for an issue of new shares.
