Bytom shareholders vote for postponing winding up

Shareholders in clothing manufacturer Bytom have decided to delay the company's liquidation. Earlier reports had suggested that the shareholders, headed by Bank Handlowy (BH), would vote to wind up the company's affairs, following a series of poor results. However, yesterday's general shareholders' meeting gave the board of directors time until the middle of October to turn the company around. During the meeting, Bytom chairman Cezary Przybyslawski announced that Social Insurance Company (ZUS) had agreed to postpone its demand for payment of Bytom's liabilities, amounting to zl.4 million. Instead, payment would be made in 60 installments. Jacek Ratajczyk, representing Bank Handlowy, the biggest investor in Bytom with 28% of shares, said that BH would not press for payment of zl.5.9 million owed to it, although the bank had no intention of increasing its investment in Bytom. According to Przybyslawski, in view of its present difficulties Bytom will soon have to find new creditors or conclude new contracts. (Gazeta Wyborcza, p. 21) M.T.