Bankruptcy motion for Szeptel filed by Bank Pekao S.A.

Bank Pekao S.A. has submitted a motion for bankruptcy concerning Szeptel, a Lomza-based telecoms company. The bank, which is not only a creditor of the local operator but also a shareholder, requested repayment of zl. 14 million before the end of this year. Szeptel entered the stock exchange in 1993 where over the years it has earned zl. 80 million, started fulfilling its promises concerning significant investments and competing with major companies on the IT market. Unexpectedly, Szeptel's management tried to take over Telbank in October of last year, but was unsuccessful and the company also failed in negotiations with TDC Internet to whom they attempted to sell a stake of over 25%. This year it transpired that Szeptel had recorded a loss of zl. 17 million the previous year and the company's new management board decided to sell its unprofitable assets and concentrate on local networks. According to Szeptel, it's assets are currently worth zl. 130 million, with debts of zl. 36 million, and company authorities call the filing for bankruptcy illogical. According to Puls Biznesu, Pekao's motion may be a means of lowering Szeptel's value. "It is possible that someone wants to take it over cheaply," said an analyst quoted by the daily. (Puls Biznesu, p. 6) A.K.