Court fails to announce the bankruptcy of WRJ pipe producer

APA - Austria Presse Agentur
20-07-2006, 16:39

Warsaw (Puls Biznesu) – The court will decide in fall whether to announce the bankruptcy of WRJ, a company which has been constructed for 25 years now and has not launched pipe production yet.

Warsaw (Puls Biznesu) – The court will decide in fall whether to announce the bankruptcy of WRJ, a company which has been constructed for 25 years now and has not launched pipe production yet.

Yesterday, the second proceeding over the bankruptcy of WRJ, was held in the court in Katowice. There were two files taken into account. One of them, filed by WRJ management, provided for bankruptcy which would close the company. The second one, filed by Enpol, the main construction company in WRJ project, provided for bankruptcy with possible settlement.

The specialist decided that WRJ has not enough funds for any kind of bankruptcy. “The costs of the bankruptcy proceedings would exceed the assets of WRJ”, Jadwiga Wojcik said. In her opinion, the costs would amount to PLN 1.5m (EUR 379,500) within two years plus 10-50 percent of the value of the assets. The management of WRJ headed by Wladyslaw Presak, believes there are no reasons to worry about the assets. “We have assets of at least PLN 65m.

It’s not good for the company to delay the decision”, Wladyslaw Presak commented. WRJ’s book value amounts to PLN 507m. The assets insured for the creditors amount to PLN 232m. The next court proceedings will be held in fall. If both applications are rejected, the assets of WRJ will be sold out and the production of steel will never be launched. The costs of constructing WRJ amount to PLN 600m.

(PLN 1 = EUR 0.253)

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Podpis: APA - Austria Presse Agentur

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