At last Vistula appears to be getting back on track

An extraordinary shareholders meeting of Kraków-based clothing manufacturer Vistula has chosen a new supervisory board, which appointed a new management board presided over by Michał Wójcik. According to the management, this shareholders meeting and the decisions it took should finally end the controversies over the management of the company and finish the damaging situation where there were two management boards. The conflict started over six months ago between Polish and Dutch shareholders, who in turn elected their own separate supervisory and management boards which fought each other. This situation meant that the company could not reach an agreement with banks to help restructuring its liabilities totalling zł. 36 million. "Decisions of this shareholders meeting represented a huge breakthrough and I do not see the possibility of appealing against its decisions in court," said Wójcik. (Rzeczpospolita, p. B4) M.M.