FSO under pressure to settle its zł.200 million debts

FSOThe sum of liabilities which has to be restructured amounts to zł.200 million. "Reaching an agreement with the suppliers, and earlier with the banks, will close the financial restructuring of the company. Financial liquidity will improve and FSO will be able to take loans again. It will also be easier to negotiate with potential investors," said Krystyna Danilczyk, director of the management board office. According to initial plans, the company will first pay back all the liabilities to 407 creditors whose claims do not exceed zł.15,000 each. FSO is also offering to repay 20% of the liabilities owed to the remaining creditors in quarterly installments until 2007 with the remaining 80% to be written off. (Puls Biznesu, pp. 1, 4) A.K.