Trilogy Logistics Ltd. with its seat in Northamptonshire (Great Britain) is pending insolvency.
The Management Board of CITY INTERACTIVE S.A. hereby communicates that on December 4, 2009 it was notified that Trilogy Logistics Ltd. with its seat in Northamptonshire, Great Britain, went bankrupt.
Trilogy Logistics Ltd. provided comprehensive logistics and distribution-related services for the Issuer within Great Britain, based on the agreement concluded on April 27, 2009, about which the Issuer informed in the current report No. 16/2009 dated April 18, 2009.
According to the Issuer’s preliminary estimates, the total debt of Trilogy Logistics Ltd. against CITY INTERACTIVE S.A. amounts to ca. PLN 907,000.
The Issuer intends to create a reserve in the amount of 30% of the total debt. At the same time, in the opinion of the Management Boards, the outstanding amount constituting 70% of the total debt will be recovered by the Company within the next six months.
The Management Board of CITY INTERACTIVE S.A. initiated negotiations aimed at concluding a new commercial agreement with The Producers Ltd. company.
