Warsaw (Puls Biznesu) – In November 2004, FSO, the Warsaw car plant, signed a settlement agreement with small creditors. A month later, the court has approved of the settlement which was then questioned by one of FSO creditors – Euro+ trader who delivered car parts to FSO. Because of Euro+ accusation, the court’s decision is not valid.
This creditor hopes to get back more than settlement agreement provides for, Dariusz Radzikowski, FSO CFO said.Meanwhile, FSO cannot realise settlement agreements due to formal reasons.
Our creditors suffer although they agreed for the settlement. Besides, financial institutions are very careful in contacts with us because the settlement has not been approved of. We cannot book the settlement, Mr Radzikowski said.
Marek Zdunczyk, Euro+ head, is sure he is right.
I want to get back the whole PLN 5m (EUR 1.3m) and not only 20 percent of the sum. This is vital for my company. I have arguments which will let me win this case, Euro+ head said.
On November 5th, 430 creditors voted for the settlement out of 479 present in court. FSO owed them 81.9 percent of the whole debt (i.e. PLN 160m). The company had debts in 621 small creditors for PLN 196m. Creditors with credits up to PLN 15,000, will get all their money back while the rest will get due money in instalments within three years.
(PLN 1 = EUR 0.254)