Conflict in Elektrim over bondholder representative

According to Puls Biznesu, the owner of Polsat and chairman of Elektrim's supervisory board Zygmunt Solorz, might suggest that bondholders choose a new representative during the next supervisory board meeting scheduled for August 18. Neither Solorz nor Rymaszewski would comment on this. A few days ago, the newspaper informed that bonds trustee of Elektrim - The Law Debenture Trust Corporation threatened the company that if it does not reinstate Rymaszewski, then it would violate the agreement on repaying zł. 2 billion bonds. This would in effect mean demanding immediate repayment of the bonds and seizing Elektrim's assets, among others its stake in mobile phone operator PTC. "We are now waiting to see the company's official statement in 30 days," said a bondholders' representative. (Puls Biznesu, pp. 1, 4) M.M.