The court in Warsaw decided yesterday that Prima Charter (PCh) is bankrupt. The carrier offered charter flights up to January 2008. One of the creditors and the management applied for such a decision. This is a defeat of listed Cash Flow (CF) which used to be PCh’s biggest shareholder with 22 percent shares. The debt collecting company would for nearly a year inform how it managed to improve the situation of PCh. In August 2007, it said that the restructuring had ended successfully. In October 2007, “PB” revealed, however, that CF was not telling the whole truth. In fact, it was hiding that PCh’s situation was bad. In result, the financial supervision authorities KNF launched investigation which is still going on. The stock of CF dived.
CF lost PLN 8.3m (EUR 2.4m) investing in PCh shares. Listed Lubawa will lose PLN 1m while its biggest shareholders, including Krzysztof Fijalkowski and Jacek Lukjanow will lose over PLN 10m. Opera TFI fund will lose about PLN 12m and Krzysztof Moska investor: PLN 5m. Exim Tours touroperator has the highest loss of – according to “PB” estimations – PLN 20m.
(PLN 1 = EUR 0.291)