The former politician's alcohol companies have been in trouble for more than a year. Their financial situation is dire, but Janusz Balikot is still trying to save them from bankruptcy. In the fall of 2023, we reported that the company's debts amounted to more than PLN 175 million including interest. Despite this, Janusz Palikot stressed on social media that they still have a chance to develop and achieve high revenues.
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The court does not see any prospects for reaching an agreement
In the case of Tenczynek Dystrybucja, applications have already been submitted to the court twice. As Bankier.pl reports, on November 6, 2023, the company filed an application for approval of the arrangement in the Arrangement Approval Procedure under Art. 219, but it was quickly withdrawn. The company stated that it did not obtain the majority required by law to accept the arrangement proposals.
The company filed another application in January 2024 related to accelerated arrangement procedures, which received a negative opinion on March 19. “The request to open accelerated arrangements procedures does not merit approval,” we read in the justification of the court in Lublin, quoted by Bankier.pl.
See also: Janusz Palicut's problem is growing. The court rejected the arrangement with the creditors
The court also stated in the justification: “The court refuses to open restructuring proceedings if the result of these proceedings would cause damage to creditors. Such damage occurs, among other things, when, in light of the circumstances of the case, the debtor does not have any prospects of concluding or implementing any arrangement.”
The court stressed that since the company's previous application (from November) did not receive majority support, this application would not be accepted either. Especially since “the applicant did not provide any documents proving a significant improvement in the company’s economic situation.”
The court also quotes telling figures: it writes about the company's 3,729 creditors and debts of about PLN 80 million with assets of less than PLN 3 million.
Echo Richards embodies a personality that is a delightful contradiction: a humble musicaholic who never brags about her expansive knowledge of both classic and contemporary tunes. Infuriatingly modest, one would never know from a mere conversation how deeply entrenched she is in the world of music. This passion seamlessly translates into her problem-solving skills, with Echo often drawing inspiration from melodies and rhythms. A voracious reader, she dives deep into literature, using stories to influence her own hardcore writing. Her spirited advocacy for alcohol isn’t about mere indulgence, but about celebrating life’s poignant moments.
