The manager of the restructuring estate of Eskimos SA – assessed by KOWR at a meeting with journalists – “as a company that will probably go bankrupt” decided to send a letter to the editor in which he draws attention to many “inaccuracies and understatements” in the statement of deputy director Lucjan Zwolak at a conference organized on April 16 this year . And he asks: does KOWR really support Polish agriculture?
The information provided by KOWR about Eskimos calls for vengeance – says attorney Adamina Partycka-Skrzypek, manager of the sanation estate of Eskimos SA, and asks farmer.pl to publish a list of “inaccuracies and understatements” in the statement of Lucjan Zwolak, deputy director general of KOWR, at a conference organized April 16 this year in Warsaw.
What does Eskimo accuse KOWR of?
- The receivable of KOWR included in the court-approved list of receivables in the restructuring proceedings of ESKIMOS SA amounts to PLN 45,164,515.87 (in words: forty-five million one hundred sixty-four thousand five hundred fifteen zlotys and eighty-seven groszy), and not, as indicated by P. Lucjan Zwolak – “43,256 PLN 644.62” or “PLN 50 million”
- The information provided by Mr. Lucjan Zwolak is completely incomprehensible and reads as follows: “We have recovered approximately PLN 50 million, the remaining PLN 50 million is in ongoing court disputes.” The administrator does not know what “court disputes” Mr. Zwolak is talking about, and he is not aware of any court dispute involving KOWR and ESKIMOS SA, the value of which would be PLN 50 million.
- KOWR recovered PLN 61,002,766.56 (in words: sixty-one million two thousand seven hundred and sixty-six zlotys and fifty-six groszy) in connection with taking over ownership of goods covered by a registered pledge, and not “approx. PLN 50 million,” according to Mr. Director Zwolak.
- Information from Mr. Lucjan Zwolak of April 16, 2024 “that KOWR intends to vote against the agreement with Eskimos.” is not true. KOWR has already voted against the arrangement during the Meeting of Creditors on March 25, 2024. However, due to the amount of the receivable, KOWR’s vote, which translates into voting power, is decisive and determines the fate of the entire restructuring proceedings. It should be noted that the vast majority of the remaining voting creditors supported one of the two arrangement proposals, expressing their will for the Company to continue its operations.
- Due to KOWR’s vote against the arrangement proposals, the administrator of the restructuring estate submitted a request to set a break in the Meeting of Creditors until April 26, 2024, in order to enable the presentation of an alternative arrangement proposal covering KOWR’s receivable.
- One of the arrangement proposals for KOWR, which was voted on on March 25, 2024, assumed the conversion of 100% of KOWR’s receivables into Eskimos SA shares, taking into account the market valuation of the shares, enabling KOWR to acquire over 75% of the Company’s capital.
- The arrangement proposals and the economic and financial forecast do not assume the need for financial support, as mentioned by Director Zwolak.
- It should be added that failure to accept the arrangement by creditors will most likely mean for KOWR, similarly to most (unsecured) creditors, the loss of 100% of their receivables.
- I would also like to inform you that the date of the Meeting of Creditors for voting on the arrangement, originally set by the judge commissioner for September 14, 2023, was canceled twice due to requests submitted by KOWR representatives argued by the need to familiarize themselves with the case. At this point, I would like to point out that the restructuring proceedings of ESKIMOS SA have been ongoing since July 27, 2020.
- The Meeting of Creditors to vote on the arrangement was held only on January 17, 2024. However, the meeting was postponed until March 25, 2024, due to another request from KOWR, this time argued by a change of authorities and the need to re-analyze the matter
- KOWR did not present any arrangement proposal despite the fact that such authority is granted to it by the Restructuring Law
Does KOWR really support Polish agriculture?
Mec. Partycka-Skrzypek asks in an interview with farmer.pl: does KOWR really support Polish agriculture? Polish farmers?
– Eskimos, as a company, operates and wants to continue operating. The company has two plants: in the Podlaskie and Lublin voivodeships, which are fully adapted to efficiently receive goods from suppliers during the purchase period and for their further processing. It purchases and processes soft fruit and vegetables. It produces primarily for export. The only problem is the debt – let’s leave at this point how it was created. Unfortunately, we have been observing for a long time that there is no good will on the part of KOWR to solve the impasse that has arisen. Meetings are organized at the headquarters in Warsaw with farmers cooperating with Eskimos, during which the recovery of money from the Agricultural Protection Fund is discussed, while farmers want the plants to be maintained, not a one-off aid from the State Treasury. KOWR does not show any interest in the further operation of the Company, although it is not known who would purchase fruit and vegetables in the area where the Company has previously operated. KOWR invests money in some bankrupt processing companies to supposedly help, but there is no one to help the Eskimos and the farmers cooperating with it. Our proposals to get out of this difficult situation we find ourselves in are – so far – ignored. Some kind of politics is being played all the time and ordinary farmers are suffering. Is it really better for the Eskimo to fail? Who is this for? Because probably not for farmers and Polish processing? – concludes attorney Partycka-Skrzypek in an interview with farmer.pl.
– .