The administrator's request

On Monday, 12 October 2026, the administrator of PKP Cargo's restructuring estate filed a motion with the judge-commissioner to change the schedule for work on restructuring proposals (propozycje ukladowe). The motion asks that the 15 October 2026 deadline for creditors, including the creditors' council, to submit alternative proposals be lifted or moved, and that the deadline for the council's opinion be adjusted accordingly. According to PKP Cargo's press release, the schedule change is tied to a court decision of 29 September 2026 that withdrew the company's permission to run its own management. The administrator says the full takeover of management requires a prior check of the company's operational and financial situation, including a fresh review of the financial assumptions behind the proposals.

Why the timetable changed

After the court's decision of 29 September, all members of PKP Cargo's management board resigned on 1 October. The administrator argues that taking over full management means verifying the firm's situation before it can prepare proposals based on current data. The administrator also says the schedule change is organisational and does not limit the rights of the creditors' council or other creditors to file their own proposals. Work on the arrangement will continue, and the new timetable is meant to reflect the company's current situation and what the arrangement can realistically be carried out for.

New deadlines set by the judge-commissioner

On Monday the judge-commissioner annulled its own earlier orders on the deadlines and set new ones. The administrator must give the court preliminary information by 4 December 2026 on how it has taken over management, the actions it has taken, and the company's most urgent operational and financial needs. The creditors' council, its individual members and other interested creditors, specifically the European Investment Bank (EBI), must submit concise positions by 4 December 2026 on the further course of the proceedings and on how the current proposals could be prepared. The judge also ruled that further steps on the schedule, including the voting schedule for the arrangement, will be taken after 4 December 2026, provided circumstances in the case do not change. A comprehensive report on the company's situation, with a proposed further schedule for the arrangement, is due by 28 January 2027.

The EBI extension request

The European Investment Bank asked to extend the deadline for submitting alternative proposals to 15 December 2026. According to the administrator, the request was agreed with BGK, PKO BP and Bank Pekao, which are to file letters supporting it. At the time of the administrator's report, those letters had not yet been filed. The EBI cannot submit proposals on its own, because that right requires creditors holding more than 30% of the total sum of receivables. The administrator considers the requested extension fully justified and in the interest of both the creditors and the company.

Proposals and payment delays

PKP Cargo's board adopted restructuring proposals in the proceedings on 30 June 2026 and filed a further version with the court on 15 September 2026. The later version did not change the basic assumptions, including the division of creditors into groups or the core terms of repayment. It added a conditional mechanism to pay part of the claims from funds that may come in future from implementing the so-called coal decision. Those were orders issued in July and October 2022 by then prime minister Mateusz Morawiecki, requiring the company to urgently transport coal, including from seaports inland, during an energy crisis, and the company incurred losses as a result. The company's press office described the central challenge in these terms:

“The biggest challenge is reconciling the often different and hard-to-meet expectations of various creditor groups while preserving the company's ability to continue operations, rebuild liquidity and meet obligations under the future arrangement. That is why the key criterion in preparing the proposals was their feasibility and the long-term stability of the entire restructuring process.”

Separately, documents seen by WNP show the company is late with current payments by tens of millions of zloty. The administrator confirms the delays but says there has been no systemic halt in paying obligations.