Elektrim reaches an agreement with banks and Treasury over ZE PAK

Parkiet daily has learnt that Elektrim proposed to the State Treasury that it would buy a 50% stake in power plant ZE PAK earlier than stated in its privatization contract, as well as two brown coal mines supplying the plants. Elektrim, which owns 38.5% in the plant, asked the Treasury to allow it carry out investments in Pątnów with a nine months delay, as otherwise the consortium of banks would not agree to finance the construction of the latest power station. "The Treasury agreed to postpone our investment obligations until March 2006, in exchange for changes to ZE PAK's statute allowing the state to retain control over its assets," said a person close to Elektrim. Time for the Pątnów investment is running out, as nervous subcontractors, such as Alstom Polska, are beginning to demand overdue sums from Elektrim Megadex. (Parkiet, p. 1) M.M.