Vlassenroot and Mostostal Zabrze fail to reach settlement

APA - Austria Presse Agentur
opublikowano: 05-01-2006, 17:22

Warsaw (Puls Biznesu) – Vlassenroot, the Belgian steel goods producer and Poland’s listed Mostostal Zabrze (MZ) did not reach agreement and Vlasenroot will not receive ZPK company owned by MZ in exchange for the latter’s debts amounting to PLN 30m (EUR 7.9m).

Warsaw (Puls Biznesu) – Vlassenroot, the Belgian steel goods producer and Poland’s listed Mostostal Zabrze (MZ) did not reach agreement and Vlasenroot will not receive ZPK company owned by MZ in exchange for the latter’s debts amounting to PLN 30m (EUR 7.9m).

Talks about restructuring the debt broke, Jean Charles Wibo, Vlassenroot CEO said.

The agreement was adverse for MZ, its creditors and shareholders. We want to reach a settlement but not under such pressure. There was too little time to reach it, Pawel Gaworzynski from MZ management said.

The problem is that Vlassenroot may endanger another settlement proceeding, which was approved of on December 15th. It may demand MZ to pay back its debt. Jean Charles Wibo assures that his company wants ZPK to develop. ZPK has been Vlassenroot’s subcontractor for several years now. The first proposal of the Belgians provided for 100 percent of ZPK, PLN 7.5m of cash for MZ and PLN 5m of investment in ZPK. The second variant was a joint venture, where Vlassenroot would have 51 percent in ZPK. The agreement was to be signed on December 21st.

ZPK employs 530 people and has PLN 100m of sales annually. MZ evaluates the company at PLN 60m while Vlassenroot at PLN 30-37m.

(PLN 1 = EUR 0.263)

 

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Podpis: APA - Austria Presse Agentur

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