Atlantic ceases to exist

Lingerie producer Atlantic is terminating its operations as the court didn't agree for arrangement bankruptcy. Wojciech Morawski, the CEO and founder of the company, filed for arrangement bankruptcy in June, but the court ruled that a restructuring plan put forward was not feasible. The company's indebtedness stands at PLN 60 million and the company owes 282 debtors. "Liabilities exceed the company's assets," said judge Elżbieta Konarska. Morawski argued that Atlantic could be profitable in November when a new line of lingerie is released. He said he will appeal the court decision.