Elektrim liable for surprising El-Net credit guarantees

On Thursday night Elektrim announced new liabilities required by the consortium of banks headed by BRE Bank as guarantees for unpaid credits granted in 1999 to El-Net, then part of Elektrim. BRE Bank demanded from Elektrim a zl.102 million payment resulting from a guarantee for a credit given by the bank to El-Net in 1999. Of this sum, demanded by BRE, some zl.93.2 million makes up the principal plus interest of zl.4.2 million and penal interest of zl.4.3 million. Elektrim also announced that another member of the consortium which granted a credit to El-Net, Bank Pekao SA., has taken zl.35 million from Elektrim's bank account in virtue of guarantying the El-Net's credit. Elektrim's report for the fourth quarter did not include any information about guarantees on this credit. On Friday Elektrim submitted a modified proposal to a Warsaw regional court for settling its debts with its creditors, to whom it owes a total of zl.2.3 billion. (Rzeczpospolita, March 30, April 1, 2002, p.B6), M.T.