Prima Charter flies closer to its bankruptcy

MG
31-12-2007, 14:29

Warsaw (Puls Biznesu) – One court did not register capital increase of Prima Charter airlines. Another one will view its bankruptcy application at the beginning of 2008.

“In the airline industry, you pay for many services in advance, and that’s why today the account of the company is nearly empty”, “PB” source said.
“The company should go bankrupt and in addition it has a bad management which should not oversee its assets”, Sebastian Bogusz representing the creditor who filed the bankruptcy suit said.
The creditor does not want to give his name.
 
Three consecutive attempts to increase PCh capital failed. After 10 months of 2007, the company had PLN 20m (EUR 5.5m) of net loss against PLN 120m of sales. Part of several dozens of investors planning to engage in the company, withdrew. For several months they have been asking to be paid their money, or PLN 10m, back. When they failed, they started failing bankruptcy suits.
“The suit filed by one of the shareholdersto-be  is just a way to influence the company. We are going to pay the debt back and we are negotiating with the creditor’s representative”, Adam Wychowaniec, PCh member of the board said.
“I deny. There are no talks going on. Moreover, PCh’s management does not react to any attempts to contact them”, Sebastian Bogusz said.
 
The situation gets even more complicated. For the fourth consecutive time, the court denied to register to increase the company’s capital from PLN 40m to PLN 75.6m. There are formal mistakes again made in the application. The only good news for PCh is that its biggest shareholder, listed Cash Flow, said in a statement that it is going to take part in further capital increases. There is a danger, however, that the bankruptcy is announced before, and then the concession and certificate of the airline will be suspended.
(PLN 1 = EUR 0.277)

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