Bank Zachodni WBK has terminated the agreement on repayment of Reinhold Polska’s amounts due. As a result, a subsidiary of Reinhold will submit a bankruptcy petition open to composition agreements and the bank will take over the Reinhold Center office building in insolvency proceeding.
This is a continuation of the performance of restructuring in the Reinhold capital group. Last year, Reinhold was oblidged by BZ WBK to take several steps to secure the repayment of credits had granted by the bank to the Reinhold’s subsidiary in 2010. The subsidiary was responsible for the development process of Reinhold Center and owns the building.
The repayment agreement between BZ WBK and Reinhold was related to the liabilities resulting from the two investment credit agreements which amount to PLN 64,7 million. However, the company did not fulfill the conditions to repay the amounts due and now the bank will take over the Reinhold’s most valuable asset – the office building.
The anchor tenant in Reinhold Center is PKP Cargo. The facility is located at 138 Korfantego Av. and covers the total area of 8 635 sq. meters of leasable space. The development was delivered in 2010.