Cargosped to provided continuity for freight business of bankrupt Kolsped

Polish State Railways' (PKP) new freight subsidiary Cargosped, has taken over the assets and business of the defunct Kolsped, which was jointly owned by PKP and Hartwig. The new company which has already been registered with the Commercial Court in Warsaw, will begin operations on May 1. PKP decided to launch Cargosped to take advantage of the market share the company had as well as to protect the long-term contracts that Kolsped had signed with clients. Kolsped incurred losses of zl. 54 million last year in addition to rapidly seeing its number of clients diminish. The board, seeing that the company no longer had the liquidity to honor its financial obligations, sought bankruptcy and it was liquidated in February. (Rzeczpospolita, page B2) S.M.