We are pleased that it was possible to develop a common position, which made it possible to submit arrangement proposals acceptable to both the Administrator and the Debtor's Management Board. This is our joint success. The proposed restructuring model for Hawe Telekom guarantees its implementation, is beneficial to all creditors and will allow the company to continue its current operations. ARP S.A., as a State Treasury company and a reliable partner, will be the dominant shareholder in Hawe Telekom, ensuring the company's long-awaited stability and opportunities for growth,’ stresses Radosław Niedzielski, Vice-President of Industrial Development Agency JSC
The Industrial Development Agency and Hawe Telekom have reached an agreement on the submission of joint arrangement proposals
Date of posting: 2025-01-17
17 January this year. Industrial Development Agency JSC and Hawe Telekom S.A.
in restructuring, signed an agreement on the submission of joint arrangement proposals, which crowns the almost nine-year restructuring process of the Polish fibre-optic network operator. The debt repayment terms adopted as a result of six-month negotiations are expected to be voted on by creditors later this year in the first half of the year.
The arrangement proposals submitted to the Court by Industrial Development Agency JSC worked out jointly and supported by the Management Board of the sanitation mass and the Management Board of Hawe Telekom, assume repayment of creditors within three years of its becoming legally binding. The claim to which IDA JSC is entitled is to be converted, almost in its entirety, into the company's capital. More than PLN 51 million will be left for the repayment of other creditors.
The proposals worked out by the parties take into account the interests of all creditors and the feasibility of the arrangement. I believe that by concluding the arrangement, the company will be able to continue its operations in a stable and uninterrupted manner and consistently strengthen its position on the domestic and international telecommunications market. This will also be possible by ensuring continuity of employment for the Company's team after the new owner takes over. I would like to thank the ARP S.A., in particular the new Management Board of the Agency, for their constructive approach to the negotiations, which allowed us to conclude them quickly, to the benefit of all parties - emphasises Wiesław Ostrowski, the administrator of the sanitation mass of Hawe Telekom S.A. in restructuring.
After the final approval of the arrangement, Industrial Development Agency JSC will become an almost 100% shareholder in Hawe Telekom S.A., and the company itself will no longer have to use the ‘in restructuring’ label.
Hawe Telekom's reaching an agreement with Industrial Development Agency is very important news from the point of view of the telecommunications security of the Republic of Poland. The agreement increases the chances that the arrangement proposals will be accepted by creditors and thus that Hawe Telekom's sanctioning proceedings will be completed successfully. I am glad that thanks to the commitment and support of the Industrial Development Agency, after 9 years it will finally be possible to complete the restructuring of the company, which plays an important role in the telecommunications market and is of great importance for the public interest,’ says Marcin Kubiczek, who has been President of the Management Board of Hawe Telekom in restructuring since June 2024.
Hawe Telekom S.A. in restructuring has been on the list of strategic companies covered by the Control of Certain Investments Act since January 2020. Ensuring its undisturbed operation is one of the most important objectives for the parties to the agreement pursued under the proposed arrangement, the adoption of which will open new prospects for the company.
