Elektrim offers creditors new proposals over debts

In accordance with earlier expectations Elektrim has turned to its creditors with a proposition of an earlier one-time repayment of its debts. The only condition set by the company is to lower the liabilities to EUR 400 million, the sum obtained by Elektrim from the sale of its Polska Telefonia Cyfrowa (PTC) stake to Deutsche Telekom. This would mean a cut in debts by EUR 30 million. Elektrim currently awaits the creditors' decision due Wednesday. In related news Elektrim has turned to the Arbitrage Court to begin legal proceedings against the State Treasury, in a case concerning the validity of the privatization process of Pątnów-Adamów-Konin (PAK) power plant group. Elektrim demands the postponement of the construction of a new energy block until the end of 2004, a requirement set by banks, which are to finance the investment. Piotr Nurowski, acting president of the holding announced that the State Treasury's aim was to make use of the moment and increase its stake in PAK. (Puls Biznesu, p. 7) A.K.