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Dismissal of a bankruptcy petition of the Issuer's subsidiary


 

With reference to Current Report No. 25/2015 of 14 April 2015, the Management Board of LC Corp S.A. (the "Issuer") reports that it was notified that the District Court for Wrocław-Fabryczna in Wrocław, 8th Commercial Department for Bankruptcy and Reorganisation made a final dismissal of the bankruptcy petition of EM-BUD 2000 sp. z o.o. (the "Petitioner") encompassing the liquidation of the assets filed with regard to LC Corp Invest XV sp. z o.o., having its registered office in Wrocław (the "Company"), in which the Issuer is the sole shareholder. As justification for the dismissal, the Court stated that there were no grounds to declare the Company's bankruptcy pursuant to the Corporate Bankruptcy and Reorganisation Law Act, since the Petitioner lacked legitimacy to file the bankruptcy petition and due to the fact that it did not prove having liabilities towards the Company. The Court stressed, in keeping with the statutory auditor's opinion, that the Company has no payable default cash liabilities, and that its financial standing is stable.

 

In line with the Company's standpoint set out in Current Report No. 25/2015 of 14 April 2015, the petition of EM-BUD 2000 sp. z o.o. proved to be unfounded in its entirety and was intended solely to enforce the payment of the disputed amount.

 

Legal basis: Para. 5.1.24 of the Regulation of the Minister of Finance (Journal of Laws, No. 33, item 259) dated 19 February 2009 on current and periodic information published by issuers of securities and conditions for recognizing as equivalent the information required by the laws of a non-member state.