Elektrim valued at zl. 2.8 billion, enough to cover debts

The average estimated value of telecom and energy consortium Elektrim calculated by stock exchange analysts comes to zl. 2.8 billion, a figure which would be sufficient to cover the company's total debts. Elektrim is currently under settlement proceedings to settle a months-old dispute with bondholders. An official estimate of the company's value will soon be requested by the judge chairing the proceedings, to ascertain whether liquidation of Elektrim's assets would sufficiently cover its liabilities. The judge may file Elektrim for bankruptcy if the company's assets are deemed not worth enough to compensate creditors. One uncertain component of the evaluation is the value of Elektrim Telekomunikacja (ET), the Elektrim subsidiary which owns 51% of PTC, Poland's largest mobile phone operator, and cable TV provider Aster City. According to former Elektrim Chairman Jacek Walczykowski, ET's value had been over zl. 2.8 billion, but several weeks ago French media and telecom firm Vivendi offered to buy ET for only zl. 1 billion. (Puls Biznesu, p. 6) M.T.