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Elektrim has to pay back bondholders

APA - Austria Presse Agentur
opublikowano: 15-09-2005, 17:08

Warsw (Puls Biznesu) – Yesterday, the court in London decided that Elektrim, Poland's listed company owning a stake in PTC mobile operator, broke the agreement with bondholders.

Warsw (Puls Biznesu) – Yesterday, the court in London decided that Elektrim, Poland's listed company owning a stake in PTC mobile operator, broke the agreement with bondholders.

“The court admitted the bondholders were right. Elektrim four times broke the restructuring agreement signed in 2002. The company must immediately buy out bonds plus interest arisen from January 2005”, the announcement of bondholders read. “We are not going to comment on that because the decision has not been sent to us”, Ewa Bojar, Elektrim's spokesperson said.

Elektrim says that it has to pay back the debt on December 15th. Now, the bondholders are going to file a suit for Elektrim's bankruptcy. The company owes them EUR 450m. Yesterday, shares were losing even 9.5 percent and cost PLN 3.71 (EUR 0.9).

Yesterday, two members of the board crossed out by Elektrim (representatives of Vivendi) appeared in PTC. “Good morning, I'm Dariusz Oleszczuk, I'm the chairman of PTC board and I would like to enter the building to start the meeting of the supervisory board I announced”, Dariusz Oleszczuk said. Bodyguards refused him to enter the building.

Dariusz Oleszczuk believed that the court has cancelled the previous changes in the court register and the board supported by French Vivendi should represent the company. Elektrim, the owner of a 48 percent stake according to the decision of a Vienna court, refuses to admit Vivendi representatives in the supervisory board.(PLN 1 = EUR 0.257)

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Podpis: APA - Austria Presse Agentur

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