The agreement was reached with the banks Polska Kasa Opieki, Raiffeisen Bank Polska, Powszechna Kasa Oszczędności Bank Polski, Bank Millenium and ING Bank Sląski, Trakcja-Tiltra reported through the Warsaw Stock Exchange.
As agreed, neither of the banks would take any recovery measures and would not file any claims against Poldim, a subsidiary of Trakcja-Tiltra, as well as against any other group’s company by the end of March.
Previous agreement between Trakcja-Tiltra and the banks, which was signed on 11 January, expired on 28 February. The banks obliged to suspend the recovery of debts during that period and to refrain from initiation of bankruptcy proceedings against Trakcja-Tiltra’s companies.
Raiffeisen alone demands 17.275 million zlotys (approx. LTL 13.26 mln, EUR 3.84 mln) in loans and 26,700 zlotys (LTL 20,500) in interest from Poldim. Pekao and Raiffeisen said last December that they would terminate loan contracts with Poldim and Silentio Investment, two subsidiaries of Trakcja-Tiltra. The loan contracts were terminated due to possible Poldim’s insolvency. Silentio Investment is the direct owner of Poldim.
In late December, three more Polish banks, including PKO BP, ING Bank Slaski and Millenium, demanded that Poldim should pay back 40.67 million litas in loans.
Trakcja-Tiltra seeks to reduce its debt through the sale of assets.
Spain’s Comsa Emte is now Trakcja-Tiltra’s single largest shareholder with a 34.96 percent stake. Former shareholders of Tiltra Group hold a combined stake of 31.02 percent, including 12.5 percent held by Lithuanian investment company Invalda.
