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Kardan NV's Watek to File for Bankruptcy


Wednesday, 11 Sep 2013 03:00am EDT 

Kardan NV announced that a wholly owned Polish subsidiary of Tahal Group B.V. ("Tahal Group”) – the project organization of Kardan’s water infrastructure subsidiary Tahal Group International - has decided to file a petition for bankruptcy with the Polish court due to difficulties to meet its liabilities. Watek Polska Sp. z o.o ("Watek"), the Polish subsidiary, is active in civil engineering and infrastructure projects in Poland and owns several real estate properties. As of June 30, 2013, Tahal Group's investment (direct and indirect) in Watek amounted to approximately EUR 6 million. In addition, Tahal Group has provided a corporate guarantee to the benefit of Watek in the amount of approximately EUR 2.5 million. The accounting implications are under investigation. 

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