Warsaw (Puls Biznesu) – Enpol, the company building WRJ pipe producer is looking for settlement with its creditors. The court will decide about WRJ’s future in two weeks’ time.
Last year, TFS, ING BSK and Sinara Handel (SH) registered a new company: WRJ Inwestycje. The company will enable foreign investor to acquire WRJ, the controversial project worth PLN 600m (EUR 152.4m). PLN 150-200m more need to be invested in the pipe producer which has not started operations yet. SH, part of TMK Russian steel company, is to provide funds. The company has 80 percent in WRJ Inwestycje. As for WRJ, the court in Katowice will decide on March 29th whether to announce its bankruptcy.
One of the companies applying for the bankruptcy with the possibility to reach settlement with creditors is Enpol, a shareholder of WRJ and the company realizing the project. The company proposes to pay back small creditors up to PLN 20,000. The big creditors would receive 20 percent of their belongings. WRJ has debts of PLN 0.5 billion. It has not started production, the plant is not finished and has not been developed for two years now.
Meanwhile, on March 7th, the court in Gliwice decided to announce bankruptcy of Enpol.
(PLN 1 = EUR 0.254)