BZ WBK takes drastic steps to recover loan from Howell

A court-appointed debt collector has seized one million shares in Howell, a Wrocław-based conglomerate specializing in the bulk trade of steel products, and construction of housing estates. The owner of the seized shares is Andrzej Kowalski, the co-founder and the main shareholder of the company, who controlled a stake of 28.6% votes. "One of the guarantees of the credits granted by bank BZ WBK to Howell was Kowalski's assets," said Waldemar Parkitny, the President of the publicly listed company. According to unofficial information, the debt owed by Howell to BZ WBK amounts to zł. 2 million. Yesterday the company's share price fell by 19% to 53 groszy. This means that the seized shares are worth zł. 53,000. Howell representatives are already preparing a debt restructuring plan which will encompass around zł. 36 million. The liabilities to be paid back to Bank Handlowy and BH brokerage house are 40% of that sum. (Parkiet, p. 3) A.K.