Walcownia Rur Jednosc (WRJ), the pipe producer which has unsuccessfully been built for 28 years now, and cost over PLN 500m (EUR 142m), is losing its chances to win an investor. On January 23rd, the court in Katowice announced a liquidation bankruptcy. Jan Czyszczon, the bankruptcy officer, planned to sell the plant. Roman Karkosik, the well-known stock investor who has a stake in another pipe producer (Walcownia Rur Andrzej), and Russian TMK were interested in the plant. The bankruptcy officer has now a problem.
“WRJ management complained about the court’s decision concerning the liquidation bankruptcy”, Jan Czyszczon said.
He hopes that final decisions will be made till the middle of March. The court may dismiss or take into account the application. WRJ management is supported by state-owned Towarzystwo Finansowe Silesia (TFS). The latter has lost hundreds of millions zloty in WRJ and its subsidies. It demands a settlement bankruptcy.
(PLN 1 = EUR 0.284)