The restructuring plan for VB Leasing needs a substantial update and independent verification before approval, according to Podmiot Zarządzający Aktywami S.A. (PZA), the largest creditor of VB Leasing and VB Leasing Automotive. At a recent court hearing, a representative of the VB Leasing Automotive administrator acknowledged that its plan was outdated and linked to the approval process for VB Leasing. PZA says its submitted analysis identifies serious omissions and questions whether key assumptions can be delivered. These are PZA’s assessments, not established court findings.
An update alone may not be enough
At a court hearing on 23 September 2026, Kamil Hajduk, representing the administrator of VB Leasing Automotive, said that the company’s 2025 restructuring plan was no longer up to date and needed amendment. He also pointed to the interdependence of the restructuring plans for both companies and the potential impact of changes to VB Leasing Automotive’s plan on the approval process for VB Leasing.
PZA argues that outdated information is only one problem. Its central concerns relate to assumptions about a planned stock market flotation of Finpulse and projected profits and dividends. The creditor also points to the absence of a forecast profit-and-loss account and a fallback scenario if major assumptions fail.
PZA submitted to the court an assessment by Tomasz Słoński and Aleksander R. Mercik, professors at Wrocław University of Economics and Business. According to PZA, the academics identified numerous omissions, oversights and errors and judged the chances of success under the plan as presented to be extremely low. They recommended revising the document, commissioning independent due diligence and reassessing its commercial assumptions, particularly those related to the planned Finpulse flotation.
Responsibility for updating the plan lies with the administrator
At the September hearing, the administrator’s representative outlined an approach under which the VB Leasing plan would be approved while the judge-commissioner identified elements requiring changes. This would then allow the VB Leasing Automotive plan to be updated accordingly.
PZA says this should not replace a coherent, current plan presented to creditors, reflecting material changes in economic assumptions. Although Polish restructuring law gives the judge-commissioner powers to intervene in planned measures, the creditor argues that the administrator remains responsible for preparing a viable plan based on verified and current data.
In PZA’s view, the required changes are substantial enough to warrant scrutiny by creditors before approval. The key issue is whether creditors can reliably determine the source, timing and terms of their expected recoveries. PZA therefore wants the creditors’ council to be able to review the actual updated plan rather than a document amended after approval.
Test sales of non-performing loans raise valuation questions
Further concerns involve the administrator’s proposal to sell two packages of difficult-to-recover loans, or non-performing loans (NPLs), held by VB Leasing Automotive. The proposed transactions are intended to improve liquidity, test market prices and assess whether smaller or larger portfolios achieve better terms. Their results could also be used as reference points for valuing remaining loan portfolios.
PZA questions whether these test sales can provide a representative valuation for much larger portfolios. The creditor says the selection criteria, comparability of receivables and methodology would have to be disclosed and independently tested.
At the hearing, the two test packages were described as having a combined outstanding balance of PLN 37.5 million. Their results could inform valuations of much larger NPL portfolios: approximately PLN 250 million in VB Leasing Automotive and PLN 2.25 billion in VB Leasing.
PZA warns that a portfolio selected for its attractiveness to buyers might achieve a price that does not reflect the value of the wider loan book. Applying that price to receivables held by another company would also require adjustments for differences in composition and quality.
The creditor additionally questions the independence of a valuation if it is prepared by an entity servicing the portfolio. PZA points to a personal connection between the role of Finpulse president and the representative of the VB Leasing Automotive administrator, arguing that transparent methodology and independent review are particularly important in such circumstances.
The sale price of selected receivables, PZA says, cannot by itself establish the value of the entire portfolio or predict future recoveries.
PZA seeks access to KPMG report and independent verification
PZA maintains its request to suspend consideration of the plan’s approval until an independent review is completed and a KPMG report commissioned by Bank Pekao is made available.
In a letter dated 15 October 2026, PZA said that, despite an earlier decision by the judge-commissioner, it had not been possible to agree the cooperation arrangements needed to conduct an independent examination on PZA’s behalf. The creditor also says the administrator has cited the KPMG report in support of the plan’s assumptions without providing the report to creditors.
According to PZA, access to the underlying data and the opportunity to verify the projections independently are necessary for a meaningful assessment of feasibility.
Creditors’ rights remain contested
PZA also disputes the interpretation of Article 109 of Poland’s Restructuring Law as applied to receivables acquired under a Bank Guarantee Fund (BFG) decision. It argues that the interpretation restricts its influence on creditors’ councils and participation in oversight of the proceedings.
The creditor says its objections are not opposition to restructuring in principle. It wants a plan supported by current data, credible financing sources, a fallback scenario and effective creditor scrutiny.
PZA currently sees no basis for supporting an arrangement based on the plan in its existing form. Its position is that successful restructuring requires independently verifiable assumptions and respect for creditors’ statutory rights.
Source: material supplied by Podmiot Zarządzający Aktywami S.A. (PZA). All criticisms and assessments attributed to PZA represent that creditor’s position.
