On Thursday, the territory Court in Gliwice, XII economical Division, declared the bankruptcy of Rafako, 1 of the most celebrated Polish producers of energy equipment. The company's communication states that Wojciech Zymek, a licensed restructuring advisor, was appointed as a syndicate. The bankruptcy application was filed in September and the court's decision resulted in a sharp drop in company listings, which decreased by over 40%. The bankruptcy resulted from a permanent failure of capacity to comply with the required liabilities, which meant that the insolvency conditions were fulfilled.
Mateusz Morawiecki: “Take care of the Polish economy”
Former Prime Minister Mateusz Morawiecki referred to the situation of Rafako, criticising Donald Tusk's government for failing to support the company, which has been struggling with financial problems for years.
– At the heart of almost all Polish power plant are boilers produced by Raciborian Rafako. It's a company with a large tradition and large industrial potential. A year ago they promised to aid this company get back on their feet," Morawiecki said.
During the statement, the politician showed a fragment of Donald Tusk's recording in early 2023. In an interview with Rafako's employees, the leader of the Civic Coalition stated that they have the right to anticipate politicians to act on the issue of rescuing the company. Morawiecki referred to this, highlighting the deficiency of effects:
We already know the effects. Unfortunately, the court in Gliwice has just declared the bankruptcy of Rafako. Take care of Polish economy, Polish industry. halt indebting Poland. Let's do it! – summarized the erstwhile Prime Minister.
Why did Rafako declare bankruptcy?
According to the bankruptcy application submitted by the company in September, the main reasons for the decision were:
- Permanent failure of ability to meet due obligations.
- It is not possible to agree with key creditors the conditions for the change of liabilities to shares of a company or another restructuring scenarios.
- Inability to get external financing for future contracts.
Lack of consensus with creditors and liquidity problems prevented rescue strategies. Despite restructuring attempts, the company failed to avoid bankruptcy.
Consequences for the Polish economy
Rafako, known for producing boilers for power plants, has been an crucial component of the Polish energy sector for years. The bankruptcy decision raises concerns about the future of this manufacture and the impact on the local economy. The collapse of specified a large company is besides a informing signal for another companies facing financial difficulties.
Political clashes in the shadow of bankruptcy
The Rafako case has become another field for political accusations between the opposition and the ruling. The criticism of Mateusz Morawiecki at the address of Donald Tusk and the Civic Coalition reflects the tensions surrounding Poland's economical policy. The words of the KO leader at the beginning of the year, in which he assured support for Rafako, are now recalled as an example of unfulfilled promises. The United Right Government, on the another hand, besides faces allegations of deficiency of effective action in this matter.
Summary
The announcement of the bankruptcy of Rafako is simply a painful blow to the Polish energy manufacture and the economy. The situation of the company shows the importance of liable policies and fast responses to the financial problems of large companies. Political conflicts, alternatively of real support, can lead to further losses, both economical and social. Ultimately, it is workers and local communities who feel the top consequences of specified decisions.
The fall of Rafako is simply a drama for workers and the full region.
Donald Tusk visited the company during the campaign, spoke to employees, showed concern and readiness to act.
And today? He got cold feet and disappeared. pic.twitter.com/S9nYAH1Zcm
— Mateusz Morawiecki (@MorawieckiM) December 28, 2024
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Rafako broke. Morawiecki recalled Tusk's promise to rescue the company
