Elektromontaż restructuring plan may stave off bankruptcy

Elektromontaż-Eksport, a small building contractor specializing in wiring systems and electrical equipment, may soon fall prey to the continuing recession in the domestic construction sector. The company, now awaiting the approval of the Industrial Development Agency (ARP) for its restructuring plan, has withdrawn two court applications for bankruptcy, but may be unable to turn its fortunes unless the ARP approves the plan. The company's revenues have been in steady decline, reaching zł. 14.8 million in the Q1 2003, as against zł. 41.6 million for the same period last year. The company's operational loss in the first three months of 2003 increased to zł. 11.7 million and its net loss topped zł. 12.4 million. The company's condition is further exacerbated by its zł. 150 million liabilities. The company first applied to court for a declaration of bankruptcy in December 2002, when it became insolvent. (Parkiet, p. 6) J.K.