PMR Restrukturyzacje SA Law Firm as the Administrator in the restructuring proceedings of Hawe Telekom Sp. z oo in restructuring – in reference to the announcement of Mediatel SA (RB-27/2016) explains that the Restructuring Plan of Hawe Telekom submitted to the Court – contains all the information required by the provisions of the restructuring law (Article 10 of the Restructuring Law) and does not refer to the restructuring plan of the entire capital group for objective reasons, i.e. due to the failure to submit such a plan to the Court by the administrator of Hawe SA.
The Hawe Telekom Restructuring Plan, prepared and submitted to the Court in accordance with Article 3, Section 6 of the Res. Law, is used to design actions aimed at improving the debtor's economic situation and restoring its ability to settle liabilities. It describes the assumptions aimed at maintaining the value of the company and its further development, as well as restoring its ability to compete on the market.
This document does not constitute a debt collection plan and does not contain a creditor repayment plan, because this is the purpose of the "Arrangement Proposals" document in the course of the proceedings (Article 155 of the Res. Law).
The Restructuring Plan does not constitute and cannot constitute an assessment of the possibility of implementing the arrangement – because this task is fulfilled by another document prepared in the course of the restructuring proceedings, namely the Administrator’s Opinion on the possibility of implementing the arrangement (Article 115 of the Res. Law).
The Restructuring Plan also does not constitute and cannot constitute a basis for assessing the current financial condition of the enterprise, because this is the purpose of the Administrator’s Accounting Report (art. 32 of the Restructuring Law) during the proceedings, which, in accordance with the regulations, contains all current data concerning the financial situation of the enterprise.
For the above reasons, the Administrator in sanitation proceedings Hawe Telekom explains that the above-mentioned documents should not be confused and that their content should not contain data that should be included in other documents of the restructuring proceedings. Persons interested in the course of the proceedings should not expect the Restructuring Plan to contain any information subsidiary information which it should not include due to legal regulations or which it cannot include due to, for example, the company's position in the structure of a capital group (a subsidiary company has no basis for including in its own restructuring plan any actions that the parent company should plan in its own restructuring plan, and the parent company does so not directly but indirectly through another public company).
Additionally Hawe Telekom Manager indicates that the law provides for the possibility of modifying the restructuring plan (Article 318 of the Restructuring Law) as needed and in line with changes in the factual and legal status of the enterprise being restructured – which will be done immediately after such circumstances occur, and in particular when a restructuring plan for the entire capital group, not yet submitted to the Court, is drawn up by the manager of the dominant company.
In view of the above, the Restructuring Plan has been prepared, complete, up-to-date and filed with the court. Hawe Telekom Ltd. in restructuring – is currently awaiting the opinion of the Council of Creditors and then approval by the Judge Commissioner.
