Courts, shareholders' meeting to decide on the future of troubled Netia

A general shareholders' meeting of financially troubled telecom operator Netia, set to begin today, will consider an emergency issue of shares worth up to zl. 600 million which would be taken over by the company's creditors, giving them control of the company. "The management board is maintaining its recommendation for a resolution on raising capital," said company spok esperson Jolanta Ciesielska. The price of the issue is said to be under discussion by creditors and Netia's branch investor, Sweden's Telia. M eanwhile, the regional court in Warsaw, responding to a motion submitted two weeks ago, may decide to open settlement proceedings against the troubled company. Netia hopes for a 90% reduction of its debt, which has exceeded $900 million. (Puls Biznesu, p. 3) M.K.