Bank Zachodni WBK optimistic on Daewoo agreement
Daewoo Motor Polska (DMP) has announced that it is to hold a meeting at the
end of this week with its eight creditor banks. DMP spokeswoman, Beata
Stopyra, says that seven of the banks have already agreed to write off some
of the company's $100 million debt. Negotiations with the eighth bank, Bank
Zachodni WBK (BZ WBK), have not been completed yet, although Piotr
Gajdzinski, spokesman for BZ WBK, has said that an agreement with DMP could
be reached this week. He explained that the bank has already accepted DMP's
restructuring program, and the only remaining differences lie in technical
matters relating to the use of the financial resources of DMP. According to
a Puls Biznesu report, the stumbling block in the way of an agreement is the
demand by BZ WBK for a share of the capital DMP will raise from the sale of
a central heating plant. (Rzeczpospolita, p. B2, Puls Biznesu, p. 3) P.W.
