For nearly a month, Elektromontaz-Export has not been listed on the WSE. The trade was suspended. The court refused to change the bankruptcy proceeding into one providing for settlement with creditors. The management is checking who the owners of the company are. Then, it is going to check whether they are ready to increase the capital of the company.
“We still believe that the new share issue will make it possible for us to offer more to our creditors than they would get from the bankruptcy officer after the assets are sold”, Marek Kossowski, Elektromontaz-Export CEO explained.
The management is going to meet with all the creditors. It has talked with Pekao bank (the company owes it over PLN 30m). Meetings with Citibank and ZUS social insurance company are also on the agenda. Elektromontaz-Export has debts worth PLN 230m. In case the settlement is reached, and the court changes the bankruptcy proceeding, Elektromontaz-Export management will try to again list the stock on the WSE: it will have to submit the issue prospectus before.
“Listing would be possible in the middle of 2009”, Marek Kossowski said.
It would be much easier for the company to be listed on NewConnect where no prospectus is required.
“Listing on the alternative market would be possible in the middle of this year”, Marek Kossowski admitted.
(PLN 1 = EUR 0.279)