In reference to current report no. 3/2012 of 11 January 2012, the Management Board of Trakcja – Tiltra S.A. (“Company”) wishes to inform that the parties to the agreement concerning the suspension of enforcement proceedings (“Agreement 1”) concluded between Poldim S.A. with its registered office in Tarnów and Bank Polska Kasa Opieki S.A. with its registered office in Warsaw, Raiffeisen Bank Polska S.A. with its registered office in Warsaw, Powszechna Kasa Oszczędności Bank Polski S.A. with its registered office in Warsaw, Bank Millennium S.A. with its registered office in Warsaw, ING Bank Śląski S.A. with its registered office in Katowice (hereinafter collectively referred to as: “Creditors”), which provided for a period for which the enforcement proceedings conducted by the Creditors were to be suspended, ending on 29 February 2012, concluded today an agreement prolonging the enforcement proceedings suspension period (“Agreement 2”). On the basis of Agreement 2, the parties to Agreement 1 restored the Suspesion Period (as defined in report no. 3/2012 of 11 January 2012) for a period starting on the day when Agreement 2 enters into force (i.e. 2 March 2012) (“Day of Entry into Force”) and ending on 31 March 2012. In addition, the parties stipulated that:
1. the Creditors who have undertaken any enforcement activities regarding the Liabilities in the period from the expiry of Agreement 1 to the Day of Entry into Force against any company from the Group or any Guarantor shall, until 12:00 (noon) on the business day following the Day of Entry into Force at the latest, file applications for discontinuing enforcement proceedings and shall present to Poldim S.A. copies of the relevant applications along with a confirmation of their receipt by the appropriate bailiff.
2. Any amounts enforced by any of the Creditor in the Suspension Period provided for in Agreement 2 will be returned not later than on the following business day. This means that any amounts sent to a given Creditor before the application for discontinuing the enforcement proceedings is served or before the deadline for serving the application for discontinuing the enforcement proceedings expires, depending on which of these takes place earlier, will be settled by way of a final restructuring agreement referred to in point 3 below, and the amounts sent to a given Creditor after the expiry of the deadline referred to above shall be returned to the bailiff without undue delay (for the purposes of performing the necessary settlements with the debtor).
3. The settlement of the reduction of Liabilities as a result of enforcement activities undertaken before the signature of Agreement 2 should be agreed upon as part of the final restructuring agreement. If such an agreement is not concluded or Agreement 1 is for any reason terminated, Creditors who have undertaken any enforcement activities related to the Liabilities in the period between the expiry of Agreement 1 and the Day of Entry into Force shall have the right to retain the amounts of liabilities obtained by way of activities undertaken in the period between the expiry of Agreement 1 and the Day of Entry into Force.
4. The Parties have also changed the contents of Agreement 1 by adding a provision on the basis of which each of the Creditors shall be entitled to terminate Agreement 1 (with the result that the Agreement shall expire on the date of service of the notice of termination to the other Parties) in the event of the Creditors not signing the term sheet (describing the most important conditions of Group restructuring) until 14 March 2012.
5. The remaining provisions of Agreement 1 remain unchanged.