4Media creditors unlikely to accept debt restructuring plan

Ailing media company, 4Media has submitted a motion to the court concerning their debt restructuring plan and a request to commence settlement proceedings. 4Media suggest that 80% of its debts be restructured and promised that the remaining debts would be repaid in 12 equal quarterly installments. The company is also counting on that creditors will disregard interest due to late payments. One of the titles belonging to the group, Prawo i Gospodarka, is currently being taken over by Forin, a factoring company. "We are now settling the final legal issues. Of course we want to sell it and recover part of our money," said Forin representatives. (Parkiet, p. 3) A.K.