The Management Board of URSUS S.A. informs that on November 8, 2018, it was informed that the Lublin-Wschód District Court in Lublin with its registered office in Świdnik, 9th Commercial Department for bankruptcy and restructuring issues, on November 7, 2018, issued an order to open expedited settlement proceedings towards the Issuer, simultaneously appointing on the judge of the commissar of the Judge District Court Lublin - Wschód in Lublin with the seat in Świdnik, Mrs. Katarzyna Sacharuk, and on the court supervisor of Mr Dariusz Warda, license number of the restructuring advisor 248. & lt; br / & gt; At the same time, the Issuer indicates that the arrangement proposals that were submitted together with the request to open the restructuring proceedings to the Court were only preliminary, and they were required by the provisions of the restructuring law and the status of a public company to submit them without prior consultation with creditors. Currently, the Issuer's management concentrates on refining all the details of solutions for creditors together with the court supervisor appointed to carry out the restructuring. In the next step, these proposals will be part of negotiations directly with stakeholders. & Lt; br / & gt; The main assumptions of the restructuring plan attached to the application for opening the accelerated arrangement proceedings are divestments consisting in the sale of selected elements of the Issuer's fixed assets, improved profitability of manufactured and sold goods by reducing own production costs, adapting the employment structure to changes taking place in the Company as part of the process, restructuring the current debt and reduction of operating costs. & Lt; br / & gt; Further communication regarding the plan and restructuring process will be carried out by the Issuer in accordance with applicable law. & Lt; br / & gt; The Issuer emphasizes that its priority is to conduct an accelerated arrangement proceedings (in accordance with the provisions of the restructuring law), thanks to which it will be possible to carry out restructuring in the Company, and, above all, to secure the interests of creditors. The current condition of the Company is stable, no steps related to the bankruptcy process are being considered at this time. Developing and entering into an arrangement with creditors and introducing necessary changes inThe functioning of the Company will be an element that will ensure its stable operation in the future. & Lt; br / & gt;
Source: company website, investor relations, current and periodic reports.