Rafako has started work on a bankruptcy petition

Rafako’s Management Board has decided to file for bankruptcy and has started work on the application, the company said. The decision is the result of the delivery by Tauron Wytwarzanie of a summons addressed to Rafako, its subsidiary and Mostostal Warszawa, regarding the payment of contractual penalties and damages in the total amount of PLN 1,312,440,218.91.

“The issuer’s management board explains that the decision in question is dictated by the following considerations.

In the opinion of the Management Board, it is reasonable to recognize that on January 11, 2023, i.e. on the date of delivery to the issuer by Tauron Wytwarzanie S.A. with its registered office in Jaworzno, addressed to the issuer, E003B7 sp. z o.o. with its registered office in Racibórz – a company in which the issuer holds 100% of shares in the share capital and Mostostal Warszawa S.A. with its registered office in Warsaw, a call for payment of contractual penalties and damages for the total amount of PLN 1,312,440,218.91 […] the issuer became insolvent.

Regardless of the fact that […] the issuer questions the existence of Tauron Wytwarzanie’s claims in full, the delivery of the summons to the issuer has a significant and negative impact, or at least may affect the issuer’s actual situation and environment,” the release reads.

The key factors for going concern are:

  1. successful completion of the so-called the investor process, i.e. finding an investor for Rafako who would purchase 7,665,999 shares from PBG and 34,800,001 shares from Multaros Trading Company Limited, and would provide financing;
  2. conclusion of settlements or agreements with key contractors;
  3. implementation of the restructuring proceedings concluded as part of the legally binding decision of the District Court in Gliwice, 12th Commercial Division, by decision of January 13, 2021;
  4. ensuring sources of financing enabling the acquisition of new contracts, listed.


Rafako is a manufacturer of boilers and environmental protection equipment for the power industry. It offers general implementation of power units fired with fossil fuels. Rafako’s consolidated sales revenues reached PLN 537 million in 2021.


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