13/2019 - Information about submitting the application of Impression sp. z o.o. to the court concerning Trakcja PRKiI S.A.

The Management Board of Trakcja PRKiI S.A. ("Company") informs that in connection with the Company's informal information about the receipt to the District Court for the Capital City of Warsaw in Warsaw of the application of Impression sp. z o.o. with headquarters in Warsaw ("Impression"), the Company immediately took steps to verify the information and obtained access to court records today. Following the verification of court files, the Company determined that on May 31, 2019, the District Court for the capital city of Warsaw in Warsaw, XVIII Commercial Division under the reference number XVIII GU 543/19, received a motion from Impression for declaration of bankruptcy including the liquidation of the Company's assets, including with an application to secure the Company's assets by appointing a temporary court supervisor. In addition, the Company has determined that Impression has been requested to fill in the formal deficiencies of the above-mentioned application and, as a result, it is currently not subject to further court proceedings.

The Management Board of the Company informs that the Company concluded a subcontracting agreement with Impression No. P-152/2017 from 17 July 2017 as amended Annex No. 1 of 12 December 2017 and Annex No. 2 of 3 September 2018 regarding the implementation of reinforcements of the foundation and embankment and the foundation of stabilized soil cement. The estimated Impression fee under the contract is PLN 9,901,026.03 net. Currently, the Company is in dispute with Impression regarding the balance of settlements related to the implementation of the agreement in question in connection with the Company questioning the cost estimates submitted by Impression.  The reason for questioning the cost estimates by the Company is the lack of presentation by Impression, despite repeated calls from the Company and the existence of contractual Impression contract, source documents and data necessary to verify the correctness of the cost estimates provided by Impression, which, in the Company's opinion, based on industry knowledge and experience resulting from the implementation of similar contracts, are overstated. As a result of the above, there is a surplus on the side of the Company in the settlement balance of the parties resulting from the aforementioned agreement. Impression does not agree with the position of the Company.

The Management Board of the Company informs that in the light of the circumstances of the case and the recommendation of professional legal advisors to conduct billing affairs with Impression on behalf of the Company, it considers the Impression application to be completely unfounded. In the opinion of the Management Board, Impression's conclusion is only an element of pressure on the Company in connection with the ongoing dispute between the Company and Impression regarding contractual settlements.

Legal basis:

Article 17 paragraph 1 MAR