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Things are getting ugly for this store developer. Second bankruptcy filing

U tego dewelopera sklepów robi się nieciekawie. Drugi wniosek o upadłość
  • Tower Investments specializes in comprehensive development services for the largest retail and service chains.
  • Two bankruptcy applications have already been submitted to the court regarding subsidiaries of Tower Investments SA.

The Management Board of Tower Investments informed that on July 10, 2024, it received information about the submission by the creditor of the subsidiary Tower Investments spółka z ograniczoną odpowiedzialnością – YIT Development Sp. z o. o. – to the District Court for the Capital City of Warsaw an application to declare bankruptcy of Tower Investments sp. z o. o.

Application for bankruptcy of Tower Investments sp. z o. o

The creditor indicated the amount due to him in the amount of PLN 1,845,000 with interest. The court obliged Tower Investments to take a position on the application submitted by the creditor within 2 weeks.

Tower Investments does not agree with the application and sees no grounds for bankruptcy of Tower Investments sp. z o. o. due to the fact that the company's assets significantly exceed the value of the claim.

Let us remind you that the same situation applies to another subsidiary – Tower Mehoffera. Here, the receivables amount to PLN 1,845,000 including interest.

Tower Investments recently published its report for fiscal year 2023, which runs from January 1, 2023 to December 31, 2023. The company recorded PLN 15.48 million of consolidated net loss attributable to shareholders of the parent company compared to PLN 10.24 million loss a year earlier.

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