Warsaw (Puls Biznesu) – The biggest creditor of Elkop is the state, and it will decide whether or not the company will survive.
Elkop, public company dealing with electroinstalment that has been in troubles for years, has the chance for the new life.
“At June the 27 will gather the creditors, and they will vote on agreement”, Czesław Koczorek CEO of Elkop said.
“This is the only chance to improve the situation of the company”, Jolanta Bylina from Special Economy Area of Łódź assessed.
At the moment, the company has to add to its name “in bankruptcy”. However, the management board claims that creditors agreement will change the perspectives of the company. Debts under agreement amount to PLN 7m plus interests.
“Our proposition is to reduce them by half and payment of the rest in 60 quarter installments” Czesław Koczorek said.
The biggest creditors, that has 40 percent of debt is the state. Elkop did not manage to receive the confirmation whether or not the state will support these propositions.
“We will convince that thanks to agreement we could improve significantly. According to low, we can not take part in auctions for electroinstalment works at the moment, so we do not have revenues” CEO of Elkop explained.
The company tries to help another enterprises to fulfill their contracts. Last year revenue amounted to only PLN 5.4m, which did not allow to generate any income.
“Apart from money from contracts we can obtain some capital from renting or sale of part of our assets”, Czesław Koczorek added.
Elkop fell into troubles among others because of investment in windpowerstations. The company has 30 percent shares in enterprise that build some of windmills at he coast.
“It is not profitable. In spite of large stake we have no influence on managing it. We would like to change it. There are to possibilities: sale of his shares or cooperation with investor that would buy the rest of shares back, and will develop the company with us together”, Elkop’s CEO said.
The information at the market about new issue are not true. Management would prefer converting debt into shares but the risk of such operation is higher than reduction and paying the rest in installments. So there is no expectation of changes in shareholder structure. In the middle of January Puls Biznesu informed that 5-percent level crossed Marian Boszko, one of the owners of building company from Dąbrowa Górnicza. His further plans are unknown.
“We met once only without any concretes”, Elkop’s CEO said.
Again Puls Biznesu did not manage to contact with Paweł Kalata, the second by shares owner of Elkop.