News
With reference to the newspaper article that appeared in Gazeta Wyborcza on 9 October 2012, on the application for bankruptcy of Polimex-Mostostal SA, the Company informs that:
Polimex-Mostostal Eurometal cooperated with Eurometal Company that performed piling for a railway viaduct built by Polimex-Mostostal on one of the rail routes in 2010,
Polimex-Mostostal withdrew from the cooperation with Eurometal, due to not meeting contractual obligations regarding the timing and quality of work by the company. Polimex-…
Polimex-Mostostal has binding offers for the purchase of two companies of the Group
· The selection of the offer will be subject to such criteria as the possible date of payment
· The offers are in line with expectations
Polimex-Mostostal SA is implementing the operational optimization strategy, which includes the sale of assets not belonging to the core business. Potential buyers have just completed a due diligence process of the two companies of Polimex Group.
We presented for sale the assets that are not…
On September 21, 2012, the Polimex-Mostostal SA signed a contract to build a power unit of gross electric power of 1075 MWe in Kozienice with a company of ENEA group. The contract will be carried out by the consortium of Hitachi Power Europe GmbH. The contract is worth 6.3 billion PLN, of which 42.7% are covered by Polimex-Mostostal.
The construction of the unit in Kozienice is a key contract to Polimex, but a very important one for the entire power engineering sector as well. This will be the most modern coal-…
· The Board of Polimex-Mostostal SA announces that on September 18, 2012, the Company signed a non-binding letter of intent with ARP, the subject of which is ARP participation in the capital increase of the company.
· The letter of intent for enables ARP to acquire newly issued shares of the Company entitling to exercising up to about 32.99% of the votes at the general meeting of the Company.
In August this year we announced that we were talking with potential investors and believed that to be one of the…
- creditors and shareholders initially approved the elements of the Group's financing strategy plan proposed by the Board
- as a consequence The Board of Polimex-Mostostal SA incorporates them into practice and convenes EGM with the agenda including:
capital increase in the amount of about 500 million PLN
consent for the disposal of organized parts of the Company, being part of the implemented plan of the disposal of assets not related to the core business
The Board of Polimex-Mostostal SA received preliminary…
On August 31, 2012, the Board of Polimex-Mostostal S.A. signed an agreement with Alstom Power under the contract for "Design and delivery of two machine sets with the supervision of erection and start-up" for PGE Elektrownia Opole (Opole Power Station) units 5+6. The remuneration for the execution of the project is 1.9 billion PLN net.
The agreement between the company Polimex - Mostostal and Alstom Power has been concluded in accordance with the principles contained in the contract with PGE Elektrownia Opole S.A…
On August 10, 2012 the Supervisory Board of Polimex-Mostostal SA, appointed Mr. Robert Oppenheim, Vice-President of the Management Board, to the function of the President a.i.. At the same time the Management Board dismissed Mr. Konrad Jaskóła, former President of the Board.
- Polimex Mostostal is going through a difficult period of restructuring. I believe that my experience of healing enterprises will be useful for the company. Polimex is a company with great potential, reputation and professional, dedicated…
On 24 July 2012 the Company entered an agreement to refrain from enforcing obligations with the banks financing the activities of the Company and the holders of the bonds issued by the Company.
The agreement was concluded for a period of four months. During that time an agreement amending the terms of debt financing for the Company will be worked out.
The agreement could be terminated ahead of schedule in the event of not meeting one of several conditions till 30 July 2012:
· bondholders, holding a total of…
On Friday, 27 July, The National Board of Appeal dismissed the CNEEC-COVEC’s appeal against the selection of the tender of the Polimex-Mostostal consortium as the most advantageous one for the construction of coal unit for supercritical parametres up to 1000 MW in ENEA Wytwarzanie S.A.
The tender was submitted by a consortium consisting of:
Hitachi Power Europe GmbH - the leader,
Polimex-Mostostal SA– the partner.
Net value of the offer is 5,105,386,417.00 PLN,
Gross value of the offer is 6,279,625,292.91 PLN. …
Polimex-Mostostal implements a wide range of actions aimed at increasing the efficiency of operation, improving financial liquidity, reducing debt, and ultimately increasing performance.
- A framework of Polimex-Mostostal financing has been developed. On its basis discussions were conducted with all the financial creditors of the Company, particularly with banks and bondholders. As a result of these discussions, temporary suspension of the enforcement of the Company's financial liabilities repayment has been…