Elektrim remains in financial, judicial limbo

According to a report prepared by experts, Elektrim's assets are worth roughly between zł.2 billion and zł.9 billion, though they will need two additional weeks to assess the company's liabilities. The report consists of six schemes of valuating Elektrim's property. The company's assets include shares in power plant ZE PAK and mobile phone operator Era GSM. Elektrim, which used to own a 40% stake in ZE PAK, retains only a low share percentage; a company owned by Zygmunt Solorz-Żak, the main shareholder in Elektrim, acquired 38% of this stake. Terms on which the shares could be returned to Elektrim remain unknown. The company is also in conflict with French concern Vivendi and German Deutsche Telekom over a 48% stake in Era. The only liabilities Elektrim does not question are towards bondholders, who estimate Elektrim's debts at a minimum EUR 510 million. The report on assets and liabilities was ordered a few months ago by judges who are to assess whether it is possible to declare the company bankrupt. Initially the report was to be prepared by the end of May, but the deadline was extended by two months due to the complexity of the issue. (Parkiet, p.1) M.M.