Elektrim's debt plan may yet win investors' backing

Analysts are predicting that despite its stated opposition to Elektrim's deb t restructuring plan, Spanish construction concern Acciona may still be pers uaded to help the struggling power and telecoms conglomerate avoid bankruptc y. Elektrim has proposed writing off 40% of its debt and spreading the repay ment of the remaining 60% over a three-year period. Acciona is believed to h old over 25% of Elektrim's convertible bonds, and press reports have suggest ed the company believes Elektrim's assets put it in a position to repay all its debts. However, Acciona may yet support the efforts of BRE Bank, which r ecently acquired a 5% stake in Elektrim, to help the conglomerate avoid bank ruptcy. BRE Bank president Wojciech Kostrzewa told Parkiet, "We will do our best, as long as it is in the interests of BRE Bank shareholders, to prevent Elektrim from being backed into a corner." Gazeta Wyborcza finds it likely A cciona will be convinced to support BRE Bank. Analyst Magdalena Lapsa from C DM Pekao SA agrees, saying she believes Elektrim's creditors will accept a r estructuring plan, since it is the best solution for them. (Gazeta Wyborcza, p. 28; Parkiet, p. 1; Reuters) M.T.K.