Elektrim's bondholders becoming anxious

They argue that Elektrim has violated the terms of repaying debts of EUR 440 million, and has suspended Piotr Rymaszewski, the creditors' representative on the supervisory board. Elektrim's president, Piotr Nurowski, announced that the debts will be paid back before the 2005 deadline. "In the coming weeks, together with Vivendi, we want to present a final offer to sell a majority stake in Polska Telefonia Cyfrowa to Deutsche Telekom. If after this, there still is not enough money for the bondholders, than as the largest shareholder in Elektrim, I am ready to guarantee the remaining sum," announced Zygmunt Solorz, the head of Elektrim's supervisory board. (Puls Biznesu, p. 9) A.K.