The former politician's alcohol companies have been in trouble for more than a year. Their financial situation is dire, but Janusz Balikot is still trying to save them from bankruptcy. In the fall of 2023, we reported that the company's debts amounted to more than PLN 175 million including interest. Despite this, Janusz Palikot stressed on social media that they still have a chance to develop and achieve high revenues.
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The court does not see any prospects for reaching an agreement
In the case of Tenczynek Dystrybucja, applications have already been submitted to the court twice. As Bankier.pl reports, on November 6, 2023, the company filed an application for approval of the arrangement in the Arrangement Approval Procedure under Art. 219, but it was quickly withdrawn. The company stated that it did not obtain the majority required by law to accept the arrangement proposals.
The company filed another application in January 2024 related to accelerated arrangement procedures, which received a negative opinion on March 19. “The request to open accelerated arrangements procedures does not merit approval,” we read in the justification of the court in Lublin, quoted by Bankier.pl.
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The court also stated in the justification: “The court refuses to open restructuring proceedings if the result of these proceedings would cause damage to creditors. Such damage occurs, among other things, when, in light of the circumstances of the case, the debtor does not have any prospects of concluding or implementing any arrangement.”
The court stressed that since the company's previous application (from November) did not receive majority support, this application would not be accepted either. Especially since “the applicant did not provide any documents proving a significant improvement in the company’s economic situation.”
The court also quotes telling figures: it writes about the company's 3,729 creditors and debts of about PLN 80 million with assets of less than PLN 3 million.
