Hydrobudowa builder files for liquidation bankruptcy
September 11, 2012
Hydrobudowa construction company, a member of the troubled PBG group, saw its management file for changing bankruptcy status from bankruptcy protection for restructuring to liquidation bankruptcy, the company said in a market filing.
The company cited current financial situation, lack of cash inflow from realized contracts and inability to continue works as reasons for the motion.
Company's overdue payments increased by PLN 75 million since it entered bankruptcy protection procedure, the company said in a press statement. The company suffered a complete loss of solvency, Hydrobudowa said.