Great restructuring of the railway giant. Plan for PKP Cargo

The judge-commissioner approved the restructuring plan of PKP Cargo, the company announced on Wednesday in a stock exchange announcement. Earlier, the company's Committee of Creditors assessed that the plan should be changed and made more detailed. The plan may be modified even after approval by the judge-commissioner.

“On March 18, 2026, the company received the decision of the Judge-Commissioner, who (…) approved the Company's Restructuring Plan submitted to the Court by the Administrator on June 30, 2025,” reads PKP Cargo's Wednesday statement.

The company announced on Tuesday that the PKP Cargo Committee of Creditors in its resolution upheld its position that the complex restructuring plan should be changed and made more detailed. According to the Council, the assumptions adopted therein involve a significant risk of failure to achieve the forecast results during the implementation period of the arrangement and carry a high risk of failure to implement it.

In the Council's opinion, possible funds obtained by PKP Cargo as compensation for the so-called coal decision and from disinvestment (including the sale of used wagons – PAP), should be allocated first of all and for the most part to the repayment of liabilities towards the arrangement creditors.

“At the same time, the Creditors' Council informed that its intention is to efficiently continue the restructuring proceedings, therefore, in its opinion, it is advisable to start a discussion on the content of the arrangement proposals in order to develop the final content of the proposals, acceptable to all creditors,” it was emphasized in Tuesday's announcement.

PKP Cargo informed in February that the plan may still be modified and changed, even after approval.

In the summer of 2024, the court opened the company's restructuring proceedings, and the management board decided to carry out group layoffs by the company's plants and headquarters, as a result of which employment decreased by 3,665 employees. In 2025, PKP Cargo dismissed 450 employees and at the end of last year. the company employed over 8,000. people.

The company's restructuring plan was submitted to the court at the end of June last year. As reported then, if the planned activities are effectively implemented, in 2031 it will be possible to achieve an EBITDA profit of approximately PLN 1.296 billion. The plan includes, among others: stabilizing the financial situation in the short term through activities aimed at optimizing cash flows, renegotiating financial liabilities, reducing costs and increasing revenues, including: by developing cooperation with key clients. It is also to assume a debt repayment model amounting to nearly PLN 3 billion.

PKP Cargo is a joint-stock company listed on the Warsaw Stock Exchange. The largest shareholder is PKP SA with a 33.01% share in the capital; funds managed by Nationale-Nederlanden PTE SA have 9.88%, and other shareholders – 57.11%. PKP Cargo's share in the market of transported goods by weight dropped after January to 26.75%. the entire market.

In the third quarter of 2025, PKP Cargo generated PLN 7.5 million in profit and PLN 36.1 million in operating profit. According to the company's information, during the nine months of 2025, the company allocated PLN 304.2 million for investments, i.e. 42.9% less. compared to the same period in 2024. They were intended for the acquisition of tangible fixed assets and intangible assets in the form of purchases, modernization and the so-called renovation component (repairs and periodic inspections of rolling stock).

On December 23, 2025, PKP Cargo sued the State Treasury for PLN 1.522 billion. The company demands compensation for the so-called coal decision of the Prime Minister of July 2022 ordering the carrier to transport coal purchased abroad by PGE Paliwa and Węglokoks. In 2024, the then management board of PKP Cargo announced that the implementation of the so-called the coal decision was to the detriment of the carrier, which had to abandon commercial and profitable orders and direct the rolling stock to Baltic ports, where it waited for imported coal. (PAP)

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