Apartment buyers, selected creditors and several companies within the HREIT group are seeking restructuring proceedings rather than bankruptcy, according to a company press release issued on Monday. The developer states that courts have already opened sanation (restructuring) proceedings for certain operating entities and appointed temporary court supervisors in additional project companies, while bankruptcy cases continue in parallel for parts of the group.
HREIT said that two key operating companies — Warszawska 1 sp. z o.o. in Nowy Dwór Mazowiecki and TRUST X sp. z o.o. in Łódź — are already subject to opened sanation proceedings following applications filed by apartment buyers. In other investments, including Nova Formeli 17, Parkowa Świdnica and Łozowa 48, courts have appointed temporary supervisors in proceedings related to the potential opening of restructuring.
The company indicated that restructuring applications are being submitted both by apartment purchasers and by group companies themselves, including holding and operating entities. In several cases, these applications are taking place simultaneously with ongoing bankruptcy proceedings involving the same subsidiaries.