Elektrim to sell ET as part of final debt settlement plan

Yesterday Elektrim's bondholders voted to accept the company plan to restructuring bond repayments. To make ends meet Elektrim will have to sell its key assets in the telecommunications sector. The proposals were supported by 86% of bondholders, whose shares are worth euro 377 million, out of the euro 440 million that were issued. The debts will be paid in installments until the end of 2004. According to analysts the terms are very good for the creditors, but not so good for Elektim. The exclusive negotiation rights of the BRE Bank and Eastbridge consortium for the 49% stake of Elektrim Telecommunication shares expire on August 15. However, BRE Bank is not in a good financial condition to pick up on the offer, as they would have to quickly fork out euro 100 million for the stake. Yesterday Elektim's president, Maciej Radziwill confirmed this transaction will be finalized by September, but analysts doubt if this is realistic. (Puls Biznesu p. 7; Prawo i Gospodarka p. 5) A.L.