Creditor agreement starts the wheels turning at FSO

"This is very good news. It will be easier for us to acquire financing for the planned production of a new car model by our Ukrainian investor. The legally binding verdict also removes the potential danger of the plant's bankruptcy," said Dariusz Radzikowski, FSO's finance and planning deputy director. After a nine-month period the company will have to carry out the arrangement. The debts, which have reached zl.196 million, will be reduced by 80%. Creditors who are awaiting a maximum sum of zl.15,000 will receive the whole amount in a single payment, while those with larger demands will receive quarterly payments OVER the next three years. (Puls Biznesu, p. 5) A.K.