News
The Employer, i.e. The University of Gdansk, terminated Polimex-Mostostal’s contract for the construction of an educational and administrative building of the University.
Payment delays in the construction industry are a widely known phenomenon adversely affecting the pace of implementation of contracts, as well as the overall financial condition of all of the participating entities.
Polimex-Mostostal has legitimate financial claims in relation to other employers which specifically relate to road contracts. These…
Polimex-Mostostal is still interested in proceeding with the construction, but on terms mutually agreed with the employer
GDDKiA, contrary to the release published yesterday, i.e. on 16th of the current month has not terminated Polimex-Mostostal’s contract for a section of S69 road.
It has, however, sent a letter to the company in which it orders to execute part of the works within the specified time, i.e. within the next 14 days.
Given the approaching Christmas and New Year period and the ongoing mountain area…
Despite a difficult, in terms of liquidity, period for Polimex-Mostostal, the company mobilizes on road contracts.
The company has the executive potential guaranteeing completion of road orders.
On the A1 motorway, Stryków - Tuszyn section, works are carried out within their full scope.
The works are performed by more than 600 employees. Over 175 heavy construction machines are being used, including excavators, cranes, rollers, bulldozers and dump trucks.
Currently, the works focus on the parallel performance of…
As a result of the need to make changes to the design documents, which were the result of adaptive changes reported by the Employer - Stadium in Zabrze Limited liability company – aimed at optimizing the functionality of the object, Polimex-Mostostal was forced to slow down or halt some construction work in anticipation of the project documentation provided by the Employer.
Polimex-Mostostal repeatedly kept on informing the Employer about shortcomings and errors in the design documentation for the various…
On November 12, 2013 the first part of the Extraordinary General Meeting (EGM) was held, which is an important element of the action plan agreed with the creditors of the company.
The Extraordinary General Meeting decided to increase the share capital through the issuance of not more than 133,393,702 of P-series shares, which will be covered in private placement by the offers directed by the board to selected creditors, particularly creditors who are parties to the agreement concluded with the company in December…
- The Board of Polimex-Mostostal consistently implements measures to stabilize the company's finances. In October this year the company signed with its creditors an important annex to the restructuring agreement, which puts into effect the second phase of financial restructuring and details the extent of activities aimed at improving the liquidity of the company - Gregor Sobisch says, the Chairman of the Board of Polimex-Mostostal.
Financial results for the first three quarters of 2013 (in million PLN)
Polimex-…
On the 25th of this month, Polimex-Mostostal, as a member of the executive consortium consisting of: Rafako, Polimex-Mostostal and Mostostal Warszawa, has signed an agreement setting out the terms of cooperation in the implementation of the agreement on the construction of two power generation units in Opole power plant with the Employer, GiEK PGE SA.
Under the agreement, the Employer has approved drafts of subcontracts between the members of the consortium and agreed to their conclusion.
On the 25th of this month…
On 25 October this year, the Board of Polimex-Mostostal signed an important annex to the restructuring agreement with Creditors, which puts into effect the second phase of the financial restructuring of the company and defines an action plan aimed at recovering the company's stable financial situation. This will allow uninterrupted operation and service of the debt due to Creditors.
- Signing the Annex is a success crowning complex and lengthy negotiations with the creditors of the company - Gregor Sobisch said,…
On October 11, 2013, Polimex-Mostostal signed with their Creditors an agreement specifying the terms of the second phase of the financial restructuring of the company. The changes necessary in the agreement on financial debt service were agreed.
- The Management agreed with the Creditors a plan of measures necessary for the company to recover its stable financial position, allowing for independent, not disturbed, activities and debt service due to Creditors – Robert Bednarski informs, Vice President, Chief…
Polimex-Mostostal presented the concept of the new development strategy of the company. It assumes focusing on the provision of engineering and technology services in the promising sectors of the market, which are: power engineering, petrochemical, chemical and manufacturing industries. With the introduction of such a program, the company shall begin to report profits.
Financial results for the first half of 2013
Polimex-Mostostal:
· 844 million PLN revenues (compared to 1 644 million PLN in the first half…