Warsaw (Puls Biznesu) – The court will review the possible bankruptcy of Elektrim for another time. There are funds to pay back the debts but the company cannot dispose of them freely.
Today at 10.00 a.m. the court will again consider whether to announce Elektrim’s bankruptcy. Two weeks ago, no decision was made and the court decided to make a break so that Elektrim and its creditors (the owners of bonds worth EUR 500m) could see the new suits filed by Vivendi. Earlier, the court rejected Elektrim’s request to announce a break because of a “potential debt repayment”. Elektrim suggested it could pay back its debts because Deutsche Telekom was supposed to pay EUR 604m for the buy option for a 48 percent stake of PTC. The German telecom paid the money, not directly to Electrim, however, but to the court. The latter has not viewed the case because there are some documents missing.
Elektrim Telekomunikacja, a company controlled by French Vivendi, believes that it has the right to buy PTC stake. DT wants the court to allow Elektrim alone or with bondholders to take the money it paid. Vivendi is not mentioned here.