Creditors of bankrupt Hellena beverage producer get uneasy

APA - Austria Presse Agentur
15-02-2006, 17:22

Warsaw (Puls Biznesu) – Creditors of the bankrupt beverage producer want to change the creditors’ council and to monitor the management.

Warsaw (Puls Biznesu) – Creditors of the bankrupt beverage producer want to change the creditors’ council and to monitor the management.

Hellena, the beverage producer from Kalisz, near Lodz, central Poland, faces yet another changes.

“The court in Kalisz received a file applying to change the creditors’ council of Hellena. The application was submitted by creditors whom Hellena owes PLN 65m (EUR 17.2m)”, Robert Jedrzejowski, the managing director in Sovereign Capital (SC), one of creditors, said.

In his opinion, the present council is not active enough and does not represent the creditors well.

“We cannot get date on the current activities of the company and its results. We want to know how it is doing because it seems to us that its situation is deteriorating”, Robert Jedrzejowski explained.

Other big creditors include Alpla, the Austrian producer of packages and BRE Bank.

SC believes that there are PLN 120m of debt claims in the court but it may grow. Meanwhile, the court has estimated Hellena’s value at PLN 252m, including PLN 70m for the brand. Robert Jedrzejowski said that if it turned out that the company’s situation is deteriorating, Zenon Sroczynski, Hellena owner and CEO would be deprived of the management. “PB” failed to learn what is going on in the bankrupt company.

Hoop, the listed beverage producer, is very interested in the situation in Hellena.

“We are interested in their brand and we will take part in a tender if it is put up for sale. The decision won’t be made soon, however. We are ready, however, to take over the production and distribution of Hellena products in exchange for license fees”, Marek Jutkiewicz, Hoop deputy CEO said.

Analysts stress that Hellena brand would substantially strengthen Hoop. The listed company does not need production lines, however.

Hellena is losing its market share. In 2004, it amounted to 15.4 percent, in December 2005 it was 5.1 percent. Hoop had 11.3 (down from 11.8 percent a year earlier). Maspex increased it to 18.3 percent from 16.5 percent, Hortex to 13.6 percent from 10 percent. Agros’s stake decreased from 6.9 to 5.8 percent.

(PLN 1 = EUR 0.264)


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Podpis: APA - Austria Presse Agentur

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