Submission of a request to the Judge-Commissioner to amend the schedule for work on the Settlement Proposals and to extend the deadline for the submission of Settlement Proposals by parties other than the Debtor and the Administrator
The Administrator of the sanation estate of PKP CARGO S.A. under restructuring (“Administrator”; “Company”) announces that today it filed a motion with the Judge-Commissioner to amend the schedule for work on the Arrangement Proposals (“Administrator’s Motion”) seeking to rescind the October 15, 2026, deadline for eligible Creditors, including the Creditors’ Committee, to submit alternative Arrangement Proposals, or alternatively to extend that deadline, and to adjust the deadline for the Creditors’ Committee to submit its opinion accordingly.
As indicated in the rationale for the Administrator’s Motion, the need to amend the schedule stems in particular from a change in circumstances related to the revocation of the Company’s authorization to conduct its own management, pursuant to a decision of the District Court for the Capital City of Warsaw in Warsaw dated September 29, 2026. In the Administrator’s assessment, assuming full management of the company requires a prior review of its operational and financial situation, including a reassessment of the financial assumptions underlying the Arrangement Proposals.
The Administrator also noted that the change to the schedule is of an organizational nature and is not intended to limit the powers of the Creditors’ Council or the other Creditors, particularly with regard to their right to submit their own Composition Proposals. Work on the composition agreement will continue, and the revised schedule will take into account the Company’s current situation and the actual feasibility of implementing the composition agreement.
The administrator plans to provide preliminary information on the progress of the takeover of the company’s management and the Company’s most urgent operational and financial needs by December 4, 2026, and comprehensive information on its situation, along with a proposal for a further schedule of work on the arrangement, by January 28, 2027.
In addition, the Administrator announces that it was informed today that on October 9, 2026, the European Investment Bank, with its registered office in Luxembourg, Grand Duchy of Luxembourg (“EIB”), filed a motion to extend the deadline for submitting Arrangement Proposals until December 15, 2026. The EIB is not authorized to submit Settlement Proposals on its own pursuant to Article 155(2) of the Restructuring Act, which requires that the Creditor or Creditors collectively hold more than 30% of the total claims. However, the EIB declares that the request has been agreed upon with BGK, PKO BP, and Bank Pekao S.A., which are to submit letters of support. As of the date of this report, these letters have not yet been submitted.
In light of the reasoning provided, the Manager believes that the requested extension is fully justified and is in the best interests of both the Creditors and the Company.