Elektrim cuts its losses for partial repayment from PTO

Elektrim has lost more than zl. 40 million through its investment in Poland Telecom Operators (PTO). From the euro 12 million originally lent to the corporation, Elektrim has managed to recover only $2.4 million. Back in 1999 PTO - a local telecommunications operator, was to be the company that strengthened the Warsaw-based holding. The euro 12 million that was lent to the corporation never found its way back to Elektrim, however, as the telecommunications company was on the verge of bankruptcy and during the liquidation process the holding failed to retrieve its money. It tried to recover the funds with the aid of PTO's Dutch parent company, PTON N.V., however PTON similarly found itself on the verge of bankruptcy and, as a result, Elektrim decided to back down from its original demands and accept $2.4 million. The most likely new investor for PTO is Emerita, now that Elektrim has receded financial interest in the company. (Parkiet, p. 3; Puls Biznesu, p. 6) A.C.