The Management Board of the Polish national rail freight operator PKP Cargo resigned on 1 October. Their resignation follows a court decision that stripped the Board of its day-to-day restructuring management responsibilities. A restructuring estate administrator has since taken over.
A court in Warsaw revoked PKP Cargo’s “permission to exercise its own management rights during the restructuring proceedings” on 29 September, writes the operator. The revocation means that the restructuring estate administrator is now in charge of day-to-day management.
PKP Cargo stresses that its daily operations will continue as normal, and that the restructuring proceedings will continue in the same direction as previously. It is unclear why the court has stripped PKP Cargo of its restructuring management tasks. However, the administrator’s priorities are said to include “maintaining the continuity of the company’s operations and improving the timeliness of current payments”.
Operational continuity
Meanwhile, the freight operator has appointed Supervisory Board Member Monika Starecka to head the Management Board. “My priority today is ensuring the continuity of PKP Cargo’s operations and smoothly completing the restructuring process”, Starecka said.
“I will work closely with the Management Board and Supervisory Board to reach an agreement with creditors, conclude the restructuring proceedings, and create a solid foundation for PKP Cargo’s further development.”