Toora on the verge of collapse

14-09-2007, 15:15

Warsaw (Puls Biznesu) - The company is insolvent, say the creditors. The car parts manufacturer listed on the WSE is loosing their liquidity. The court will decide about the bunkrupcy.

The disastrous results from the second quarter of 2007 and radical decrease in forecasts are not all bad news for the Toora share holders. According to PB's data the company's suppliers has not been paid and Toora seems to be on a brink of collapse.
Today Pragma Inkaso (PI), one of the key debt collectors in Poland, will apply for the court in Tarnobrzeg to declare Toora's bunkruptcy.
"Although the debts amount to only several dozen thousands, Toora's authorities have not answered to any claims. The company has lost liquidity, therefore the best solution is to declare bunkruptcy" says Szymon Kobierski from PI.
He hopes that the court will soon appoint a supervisor in order to prevent any assets from being taken away.
"We'd like to take control over the other debts exceeding PLN 1 million. There should be no problem with that as the company has not paid many of their supppliers", adds Szymon Kobierski.
The debts are still growing, and there are other debt collectors, including the listed Cash Flow, and many creditors. At the end of June the company's debts amounted to  PLN 406 m and more than half of that must be returned within 12-month period.
The key point now for Toora is to negogiate with banks, especially Pekao SA.
Radoslaw Kuras from Toora Poland admits that the talks has already started.
"The situation is difficult, but not hopeless. We try to pay our debts and we ask for patience", says Radoslaw Kuras.
One thing is certain, however. Those who won't support Toora are the Stock Exchange investors whose credit for the company has been lost for good after the Italian Toora had sold 160,000 shares (worth then PLN 25 each) a month before announcing the report (now the price is PLN 8).
1PLN - EUR 0.265

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