Elektrim shareholders file court request for bankruptcy

Elektrim shares fell 9% on the Warsaw Stock Exchange (WSE) after the conglomerate's creditors, including Spain's Acciona, filed a bankruptcy request in court last Friday. The request was signed by the owners of 75% of Elektrim's convertible bonds, scheduled for buyback in December last year. Bondholders argue that Elektrim paid off only some of its creditors, mainly banks, and that they were not given a satisfactory offer. Any settlement must be approved by Elektrim's creditors, and the company's bondholders said they have enough votes to block settlement proceedings. Elektrim spokesperson Ewa Bojar refused to comment on the move. Market analysts said that if Elektrim does not offer a better deal, the group may have to ask for help from BRE Bank, which recently acquired a 5% stake in the conglomerate and proposed a three-year restructuring plan for its debts. "Yet from the investors' point of view BRE Bank's role in the curing of Elektrim still remains unclear," said Benita Mikolajewicz of ING Securities in London. The court is scheduled to make its decision regarding bankruptcy on January 8. (Gazeta Wyborcza, Jan. 5-6, p. 29, Rzeczpospolita, Jan. 5-6, pp. A1, B2) M.T.K.