Domestic truck producer back from the brink - but only just

Jelcz's creditors have consented to an agreement with the debt ridden bus and truck producer, giving it a moment of respite and apparently saving the company from receivership. The agreement still has to be approved by the court, which will convene on April 7, but there seems little reason for the court to reject the proposals. Under the agreement, minor creditors (up to zł. 5,000) will be paid in full and the rest of the debt, total of zł. 26.5 million will be reduced by 40% and should be paid off over the next five years. Jelcz's future now depends on whether it manages to increase its capital and on truck sales. "Our greatest problem has been solved. If there had been no agreement I would have had to declare receivership," said Jelcz's chairman Andrzej Kalisz. (Puls Biznesu, p. 7) J.K.