We continue to inform you about the development in the lawsuit of iuvo against CBC in a timely manner. As you already know, based on the submitted claims for the pre-pack purchase of CBC as part of the insolvency procedure, the Court in Poland had to rule first on them. After such a decision the court can also rule on declaring CBC insolvent or to initiate a remedial proceeding.
At a conducted auction the court in Poland issued a preliminary decision in favor of the pre-pack purchase of the company. However, given the unsatisfactory parameters of the pre-pack purchase, iuvo – with the assistance of the law firm Zimmerman Sierakowski & Partners and other creditors – invested serious resources and efforts to effectively challenge the decision, which culminated with success. Based on the challenging of the decision and the subsequent review by the court, the process for pre-pack purchasing of CBC was stopped and the court ruled the initiation of a remedial proceeding.
We will keep the line of sharing with you timely and accurate information on the development of iuvo’s relationship with the originators on the platform.