I do not agree with this position. Rehabilitation manager<\/a> companies \u2013 the law firm PMR Restrukturyzacje SA, which believes that these claims contradict the facts. The administrator indicates that thanks to the restructuring, the company's business, operational and financial situation has been stabilized, and new investments are being implemented in accordance with the restructuring plan, which has been positively reviewed by the creditors' council and approved by the judge commissioner.<\/p>\n In the trustee's view, a liquidation sale rather than a refinancing of the business or a conciliatory arrangement sale may be considered to be to the detriment of creditors and shareholders. A bankruptcy sale does not assure creditors of quick repayment of debts (the average duration of bankruptcy proceedings in Poland is three years), let alone satisfaction of creditors in full.<\/p>\n ARP is blocking restructuring?<\/a><\/b><\/p>\n The Industrial Development Agency, disregarding the provisions of the restructuring law and the prohibitions arising therefrom, accuses Hawe Telekom of allocating its entire profit for 2016 (PLN 31 million) to infrastructure investments instead of paying off debts to its creditors. In fact, in March 2016, Hawe Telekom's board of directors announced that the manager, as part of its ongoing restructuring plan, had concluded a contract for the deployment of Huawei's state-of-the-art DWDM transmission system to increase network capacity.<\/p>\n According to the restructuring administrator, the agreement with Huawei gives the company a huge opportunity to increase its value and repay its debts, because the Chinese telecommunications company, in addition to technological and business support, also declares assistance in obtaining refinancing for restructuring<\/a>.<\/p>\n According to the administrator, the ARP's expectations regarding the quick repayment of debts by Hawe Telekom<\/a>.<\/p>\n A new opportunity policy<\/b><\/p>\n Debt repair, revitalization and refinancing the company instead of its bankruptcy<\/a>, liquidation and sale in pieces was made possible by the new act on restructuring law, which has been in force since 1 January 2016. The provisions on restructuring proceedings introduced by it are aimed at improving the financial situation of the company, its further operation and maintaining jobs<\/a>. Therefore, the legislator has made it impossible to enforce the debtor's assets or liquidation bankruptcy from the moment of opening sanitation proceedings<\/a>.<\/p>\n As the rehabilitation administrator adds, during the restructuring process<\/a> Hawe Telekom has had many cases of refusal to conclude new commercial contracts (sometimes multi-year and multi-million) due to information appearing in the media that did not correspond to reality and slandered the company.<\/p>\n Restructuring halted bankruptcy<\/a><\/b><\/p>\n This is the second one bankruptcy petition<\/a> Hawe Telekom submitted by the Industrial Development Agency. It first filed such a motion in December 2015, but the Warsaw Commercial Court decided in March 2016 to start the restructuring proceedings, appointing Hawe Telekom as the administrator in the process. company restructuring<\/a> PMR Restrukturyzacje SA law firm. This decision resulted in the suspension of all enforcement proceedings against the company and prevented the initiation of new ones. Hawe Telekom<\/a> was the first company to benefit from the new restructuring rules.<\/p>\n The fate of the company, its employees, shareholders and many small creditors will now depend on the court's decision.<\/p>\n
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