Elektrim adviser pessimistic about offer for bondholders

Elektrim is hoping to secure a debt restructuring deal by May, but its adviser said yesterday there was scant room to sweeten an offer already rejected by bondholders. Should Elektrim fail to reach an agreement with holders of euro 480 million worth of bonds, the company would become Poland' s biggest bankruptcy ever. According to Gary Klesch, adviser of Klesch & Company Limited, Elektrim wants to iron out a deal with bondholders before a key shareholders meeting in May. Negotiations are believed not to be easy, since Elektrim cannot sell or leverage its prized stake in mobile phone operator Polska Telefonia Cyfrowa (PTC) until an arbitration case against Deutsche Telekom is settled. Meanwhile, Puls Biznesu reports that the Elektrim supervisory board may choose a new management for the company today. Currently there are just two members of the Elektrim management board, Waldemar Siwak and Jan Rynkiewicz. (Puls Biznesu, p. 7; Reuters) P.J.