POLAND: PKP Cargo has put on hold the share offering meant to raise part of the cash it has offered its creditors. No new date has been set while the court-appointed administrator works out how much money the rail freight operator needs.
PKP Cargo said in a stock exchange filing that it will not apply to Poland’s financial supervisor for approval of a prospectus for its series N shares. An extraordinary general meeting approved the issue of 75 million to 89.57 million series N shares on 26 June.
According to the company and the administrator, a prospectus cannot rest on assumptions that are still being analysed.
“The issue documentation should reflect the company’s current financial situation,” the company said, as quoted by the Polish news agency PAP.
A capital increase without a timetable
PKP Cargo still counts on a capital increase to finance the arrangement. Its structure, size and timing depend on the administrator’s analysis, the company said.
Paweł Głodek has run the company as administrator since a Warsaw court withdrew its right to manage itself during the restructuring on 29 September. The whole management board resigned two days later, and supervisory board member Monika Starecka is acting chief executive until 31 December.
The plan that had dates
The arrangement proposals PKP Cargo filed with the court on 29 May combined cash payments, conversion of debt into shares and partial write-offs. They assumed creditors would approve the arrangement by the end of 2026, with a first share issue at the end of the year and a second in the first half of 2027. An amended version filed in September kept the main terms.
The European Investment Bank and infrastructure manager PKP PLK rejected the proposals, the former management board said in September. In October, the judge-commissioner overseeing the case lifted the deadlines for the process. The company said then that the next timetable would be set after 4 December.