82/2011 - Information regarding the notice of termination on finance contracts with Issuer's affiliated company

The Management Board of the Trakcja - Tiltra S.A. („the Company”) informs about the notice of termination of finance contracts with Poldim S.A. with its registered office in Tarnów („Poldim”), by the following banks: Powszechna Kasa Oszczędności Bank Polski S.A. with its registered office in Warsaw, ING Bank Śląski S.A. with its registered office in Katowice, Bank Millenium S.A. with its registered office in Warsaw. With regard to the aforementioned, Poldim shall be obliged to pay all indebtedness together with interests to the abovementioned banks, upon lapse of the time limits of the notice of termination. Below, the descriptions of the notices of termination of contracts:

1. Notice of termination, on 21 December 2011 to Poldim, with 7 day notice period, by Powszechna Kasa Oszczędności Bank Polski S.A. with its registered office in Warsaw, of the finance contract in a form of multi-purpose credit limit no. 41  1020 2892 0000 5502 0425 2631. The indebtedness amount together with interests due on 19 December 2011 amounts to PLN 6.178,061.61 (six millions one hundred seventy eight thousands sixty one zloty 61/100). The reason for the notice of termination is the loss of creditworthiness and the danger of Poldim’s insolvency.
2.  Notice of termination, on 21 December 2011 to Poldim, with 7 day notice period, by Powszechna Kasa Oszczędności Bank Polski S.A. with its registered office in Warsaw, of the general agreement regarding granting bank guarantees no. 02 1020 2892 0000 5602 0444 7769. The reason for the notice of termination of the agreement is the Poldim’s loss of creditworthiness.
3. Notice of termination, on 22 December 2011 to Poldim, of the multi-product contract no. 8902006005000058/00 concluded with ING Bank Śląski S.A. with its registered office in Katowice, with 7 day notice period. The reason for the notice of termination is Poldim’s non-performance of obligations resulting from the contracts concluded with Bank Polska Kasa Opieki S.A. and Raiffeisen Bank Polska S.A.
4. Notice of release of revolving credit within the Multi-product Credit no. 8902006005000058/00 concluded with ING Bank Śląski S.A. with its registered office in Katowice and therefore, disbursement of the revolving credit within the abovementioned Multi-product Credit in total amount of PLN 8.000.000,00 (eight millions zloty) with the purpose of establishing a deposit in the amount of PLN 8.000.000,00 (eight millions zloty) constituting the equivalence of current application of the revolving credit under credit account and due to the aforementioned, a call on Poldim to pay the amount of PLN 8.000.000,00 (eight millions zloty) within 5 working days, counted from 30.12.2011. The following cases of infringement constitute a reason to release the revolving credit: a) Poldim’s non-performance of obligations resulting from any contract concluded with a bank or other financial institution (Bank Polska Kasa Opieki S.A., Reiffeisen Bank Polska S.A.), b) any Poldim’s obligation has become due or there are circumstances entitling the creditor to declare any obligation as due or any obligation to render client’s monetary resources accessible has been terminated, c) some circumstances have arisen that in Bank’s opinion have a significantly negative impact on the Poldim’s activity or situation (financial or other), in particular, on the possibilities to exercise by the Bank its entitlements resulting from the contract or the general agreement, security documents, contracts related to the contract or the general agreement or contracts related to security documents, d) due to financial difficulties, Poldim entered into negotiations with one or several creditors being financial institutions in order to postpone the date of payment or to write off the debt, restructure or refinance its obligations, e) Poldim has failed to meet any of its obligations specified in the contract or the general agreement or in the regulations.
5.  Notice of termination, on 22 December 2011 to Poldim, of the contract no. 8902006008000557/01 regarding the credit in PLN under bank account concluded with ING Bank Śląski S.A. with its registered office in Katowice, with 7 day notice period.  The indebtedness amount together with interests due on 22 December 2011 amounts to PLN 7.861,396.72 (seven millions eight hundreds sixty one thousands three hundreds ninety six zloty 72/100). The reason for the notice of termination of the contract is a) Poldim’s non-performance of obligations resulting from any contract concluded with a bank or other financial institution (Bank Polska Kasa Opieki S.A., Reiffeisen Bank Polska S.A.), b) any Poldim’s obligation has become due or there are circumstances entitling the creditor to declare any obligation as due or any obligation to render client’s monetary resources accessible has been terminated, c) some circumstances have arisen that in the Bank’s opinion have a significantly negative impact on the Poldim’s activity or situation (financial or other), in particular, on the possibilities to exercise by the Bank its entitlements resulting from the contract or the general agreement, security documents, contracts related to the contract or the general agreement or contracts related to security documents, d) due to financial difficulties, Poldim entered into negotiations with one or several creditors being financial institutions in order to postpone the date of payment or to write off the debt, restructure or refinance its obligations, e) Poldim has failed to meet any of its obligations specified in the contract or the general agreement or in the regulations.
6. Notice of termination, on 23 December 2011 to Poldim, of the contract regarding the revolving credit in PLN no. 76012989 of (date), by Bank Millenium S.A. with its registered office in Warsaw, with 7 day notice period. The indebtedness amount as of 23 December 2011 amounts to PLN 30.000,000.00 (thirty millions zloty) plus interests. The reason for the notice of termination is the danger of Poldim’s insolvency.

Legal basis: Article 56, section 1, point 1 of the Act of 29 July 2005 on public offer and the conditions for introducing financial instruments to the organized trading system, and on public companies (Journal of Laws No. 184, item 1439, as amended).