Elektrim stays stable despite bankruptcy file

APA - Austria Presse Agentur
opublikowano: 22-02-2005, 16:52

Warsaw (Puls Biznesu) – Although Alstom filed a suit for bankruptcy of Elektrim, the latter managed to stay stable on the stock exchange yesterday. Alstom one of construction companies working at PAK power plants modernisation, filed the suit against Elektrim, the owner of 50 percent in the plant. Shares of the latter fell to PLN 5.2 (EUR 1.3), or 4.5 percent.

Warsaw (Puls Biznesu) – Although Alstom filed a suit for bankruptcy of Elektrim, the latter managed to stay stable on the stock exchange yesterday. Alstom one of construction companies working at PAK power plants modernisation, filed the suit against Elektrim, the owner of 50 percent in the plant. Shares of the latter fell to PLN 5.2 (EUR 1.3), or 4.5 percent.

Alstom accuses Elektrim for failing to pay for the works. ‘The reaction of investors was cautious because the file is controversial. Elektrim is not indebted at Alstom, and even if it is, it has PLN 200 m of cash according to its last financial report, while the claims amount to PLN 10-20. So bankruptcy is not possible’, Rafal Salwa, IDM analyst commented.

PAK, however, does not have funds to finish modernisation. Polsat, TV company controlling also Elektrim, offers to give a hand. Yesterday, a meeting was to be held at the Treasury Ministry but it was cancelled.

Elektrim’s investors are more interested in the issue of PTC ownership. A 48-percent stake worth EUR 1.5 billion belongs to Elektrim, the company claims. French Vivendi, which several years ago bought the stock via Elektrim Telekomunikacja company, also believes to be the owner of the stake. Also German Detusche Telekom, a minority investor in PTC, would like to have the stake – the company wants to take call option and buy them – but for EUR 300 m.

(PLN 1 = EUR 0.252)Poland/Enterprises/Stock exchange

 

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Podpis: APA - Austria Presse Agentur

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