Trouble at mill

Alan Heath
05-02-2002, 00:00

A meeting of the creditors of the Sendzimir steel works is due in March but both sides are now taking positions about a potential deal.

The steelworks is hoping that they will settle for writing off PLN800m worth of debt whilst the creditors are saying that PLN500m is the absolute maximum.

The Kraków based steel works is probably in the worst state of all the stricken Polish steel sector. It is in sore need of funds for investments but has difficulty in paying even for supplies of raw materials.

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Podpis: Alan Heath

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