Warsaw (Puls Biznesu) – The creditors of Swarzedz Market, a subsidiary of Poland’s listed furniture producer will not receive their money back.
The creditors of Swarzedz Market, a company which was part of the group of listed furniture producer Swarzedz, must be patient. The bankruptcy officer has been trying since the year beginning to sell its assets to pay back the debts without success.
“No investor to buy the assets of the bankrupt company has been interested in the first and in the second tender”, Tadeusz Kretkiewicz, the bankruptcy officer said.
He is going to announce yet another tender soon. The first price fro the company, its books, intangible assets, equipment and good was evaluated at PLN 8.14m (EUR 2m). Now the price will be lower and the buyer will not have to acquire all the elements of the assets.
Swarzedz Market has PLN 30m of debts. The first creditors to be paid back will be the insured ones, including ZUS, BRE Bank and Bank BPH. The other creditors have no chances to regain their money. The bankruptcy officer will be able to pay back 27 percent of the company’s debts. Swarzedz furniture producer offered the creditors a settlement: lower debts in exchange for the stock of Swarzedz. But finally the company sold its stake.
“Now we control below 20 percent and have only symbolic connections with the company”, Andrzej Ornad, Swarzedz managing director said.
(PLN 1 = EUR 0.247)