Elektrim S.A. reneges on purchase of Pilicka Telefonia

The deal, signed in April this year, provided for all of Pilicka Telefonia to be sold for no more than $140 million. The deal would have materialized if all necessary permissions were attained by Aug. 1 this year with the possibility of a delay until Feb. 1, 2000. Elektrim was to pay $30 million of the sum in bonds convertible to shares worth $40 million or three-year 13%-interest bonds. The move was part of Elektrim's strategy to further expand into the telecom market as Pilicka Telefonia was licensed to operate in the former Radom, Tarnobrzeg and Piotrkow voivodships and has around 10,000 subscribers. "The whole case will certainly end in court," said Czarnkowski. (Parkiet, page 3, Prawo i Gospodarka, page 1)