Elektrim passes one more hurdle

This follows the rejection on Friday of its creditors' attempt to have it declared bankrupt. "We know that court disputes are not over yet, but we have an important stage behind us," said Piotr Nurowski, the president of Elektrim. It is still difficult to determine the company's future - despite having paid EUR 525 million to its bondholders, it must also pay them a residual value, depending on the company's valuation. "We do not know yet whether there is any further obligation towards the bondholders. This will depend on a valuation of the company," said Jerzy Modrzejewski, a lawyer representing Elektrim. So far the company has received EUR 604 million from Deutsche Telekom for its shares in mobile phone operator PTC. The final decision on whether it should receive any further funds or not will be determined by a Vienna arbitration court. Rzeczpospolita, p. B3) M.M.