PKP Cargo's committee of creditors established, BGK and PKO BP representatives involved

The creditors' committee of PKP Cargo was established on Monday, December 16, with representatives of listed power utility PGE's unit - PGE Energetyka Kolejowa and Moto Flota appointed as alternate members.

"The committee of creditors in the ongoing remedial proceedings performs a key function in controlling the actions of the administrator, examining the condition of the remedial estate, granting authorisations to perform actions that are exclusively reserved for the committee of creditors," PKP Cargo stated.

The hauler added that this body also expresses opinions on key issues for the company. In addition, the creditors' committee has adopted its rules of procedure.

"In view of the above, PKP Cargo SA in restructuring already has all the bodies necessary to conduct the remedial proceedings in place," the company wrote.

It added that this allows for "efficient decision-making, including the drawing up of an inventory, an inventory of receivables and the preparation of a restructuring plan".

PKP Cargo Group offers logistics services, combining rail, road and sea transport. It provides stand-alone freight transport in Poland and the Czech Republic, Slovakia, Germany, Austria, the Netherlands, Hungary, Lithuania, and Slovenia. PKP Cargo's largest single shareholder is PKP SA, which holds 33.01 percent of the shares. In July, a court opened restructuring proceedings for PKP Cargo.

Earlier, the management board of PKP Cargo decided to carry out collective redundancies, involving up to 30 percent of the workforce, which ended at the turn of October and November. As a result, the hauler ceased employing 3,665 people, of whom 2,515 were terminated, and 1,150 left the company for other reasons (retirement, pension, or termination by an employee).

jls/ ao/ nl/