Elektrim bows to bondholders - another empty promise?

The conflict between Elektrim and its bondholders, which almost spelt the end of the company, seems to be coming to an end as the company has agreed to fulfill all the demands raised by the bondholders. Under the agreement, Elektrim has promised to pay its EUR32 million debt to the creditors and would accept the suspended company's vice-president Piotr Rymaszewski, supported by the bondholders, back onto the board of directors. Market analysts are now wondering whether the current agreement should be co nsidered a harbinger of peace or is just a ceasefire, as lawyers continue their work on the motion to declare the company bankrupt. "We are following the 'Show me the money rule', said one of the creditors. This development also means that Elektrim will be able to continue work on expanding the ZE PAK power station. (Puls Biznesu, p. 5) J.K.