Elektrim bond holders were not impressed by an offer from the energy and telecommunications holding to pay them.
Elektrim had offered a 15 percent discount on money owing together with installments to 2007.
The offer involved PLN2.3bn worth of debt of which PLN1.7bn was for bond holders.
Bond holder representative Jarek Golacik says that his position has not changed and that bond holders expect their money in full. On Thursday the two sides will meet again and any agreement they come to will be put to the vote on 23 April.
At the same time there seems to be a delay on the sale of Elektrim Telekomunikacja (ET) to Eastbridge and BRE Bank. No offer has so far been made.
The offer Elektrim made to bond holders suggests that the company is in no hurry to raise cash from the sale.
If this is the case then an expert could be called to value the company on behalf of a court and a sale below this value would not be permitted.
It is thought that court appointed experts could put a value of PLN2.4bn on ET whilst speculation in the press suggested that the consortium had offered PLN1.44bn for the telecommunications business.