Warsaw (Puls Biznesu) – Enpol, the shareholder of WRJ, withdrew its powers from Alchemia and tries to reach settlement with EUR 50m it borrowed from London.
Eugeniusz Majza, the director of Enpol which is the main construction company in WRJ and the owner of 19 percent stake in the pipe producer who has not started operations after 25 years of plant building, has ended cooperation with listed Alchemia over finding an investor for WRJ.
“We have no agreement signed here. That’s why I withdrew our powers from Sebastian Bogusz”, Eugeniusz Majza said.
Sebastian Bogusz too part in the recent GSM of WRA, another pipe producer, as the representative of Alchemia, which is owned by Roman Karkosik. He was also present during the first court proceeding concerning the bankruptcy of WRJ. He told about a mysterious investor who turned out to be Roman Karkosik.
He was not present during the recent court proceedings of WRJ held on July 19th. Enpol, which applied for a bankruptcy with settlement option for WRJ, submitted interesting documents in June. The company had a guarantee from Trage Bank Group (TBG) in London. The London bank issued EUR 50m credit to Enpol. According to Enpol, this is enough to secure the settlement.
The court will review WRJ bankruptcy case in September at the earliest. Additional financial analyses of the company were ordered by the judge running the case. A specialist said that the company had not enough sources for settlement. If Enpol convinces the court for the settlement, it will be the main construction firm, and the Russian TMK will not acquire WRJ as predicted before. Alchemia will also have much smaller chances to buy the pipe producer.
Construction works at WRJ have not been conducted for four years. According to the agreement, Russian TMK was supposed to pay EUR 37.5m for the plant but it was to be done after a bankruptcy with liquidation is announced. This is the option supported by WRJ management.