The judge-commissioner will decide on the fate of PKP Cargo. Is the creditors' vote not binding?

The opinion of the Council of Creditors does not suspend the process of approving the PKP Cargo restructuring plan, the company said in a press release. On Tuesday, it was reported that, according to the PKP Cargo Creditors' Committee, the assumptions adopted in the company's restructuring plan involve a “significant risk” of failure to achieve the forecast results, and the plan itself should be changed and made more detailed.

The Council of Creditors indicated that in its opinion: the restructuring plan requires changes and greater precision, the adopted assumptions involve significant risk – both in terms of achieving the forecast results and the success of the entire restructuring process, and any financial resources that the company may obtain (including from compensation for the so-called “coal decision” and from the sale of part of the assets) should primarily be used to repay liabilities to creditors.

The resolution indicated that the Council of Creditors leaves the issue of approval of the restructuring plan to the decision of the Judge-Commissioner not to extend the restructuring proceedings.

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The Judge-Commissioner emphasized in his order of February 2026 that the restructuring plan may, even after approval, continue to be modified and amendedand the right of the Committee of Creditors to issue an opinion on it is not a right that formally blocks the possibility of court approval of this plan.

“Our primary obligation is to care for the good of the companyii ensuring its stable, continued functioning and, in the long run, development. The restructuring process is demanding, but we count on the approval of the plan by the Judge-Commissioner, which will allow for its effective implementation. We are talking to creditors and making every effort to reach an agreement satisfactory to both parties,” said Paweł Miłek, vice-president and member of the management board of PKP Cargo w restrukturyzacji (in charge of restructuring), quoted in the press release.

The Creditors' Council also emphasized that its goal is to conduct the proceedings efficiently. Therefore, he is in favor of starting work on arrangement proposals that will be acceptable to the majority of creditors. (PAP Business)

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