Bankruptcy proceedings start against PIA Piasecki

A bankruptcy petition against one of the most dynamically developing construction sector companies, PIA Piasecki, was submitted by its sub-contractors to a regional court in Kielce. "The petition has not yet been examined, but a trial will probably begin in August," said a spokesperson for the court. Daily Puls Biznesu has reported that another petition for bankruptcy proceedings has been filed in the regional court of Warsaw against its subsidiary company, PIA Piasecki Budownictwo. PIA Piasecki itself ranks 308 among the top 500 corporations, and is suffering serious financial trouble. While it is unlikely to go bankrupt, it does have a serious cash flow problem. Last year it recorded revenues of zl. 420 million, with a net loss of zl. 14 million. "Piasecki has lost its liquidity and as a result they have suspended work on many projects," said a representative of a company cooperating with the Kielce-based developer. (Puls Biznesu, p. 7) A.K.