Elektromontaż-Export shares increase in value after company restructuring

The firm had liabilities close to zł. 140 million at the end of September 2003. "We have a chance to partially reduce our debts. Since yesterday, the amendment to the bill on restructuring some of the public and legal liabilities of companies came into force. We can now calculate how much of our debt might be written off," said Magdalena Samuelowicz, director of the management board of Elektromontaż-Export. The enterprise has already begun its proceedings with creditors and the management proposed limiting debts by 20-40%. Part of the money for repaying liabilities would be obtained from disposing real estate. "We estimate that assets that will be sold are worth about zł. 50 million," announced Samuelowicz. (Parkiet, p. 2) M.M.