Grupa Onet loses zl.20 million Bank Handlowy credits

Bank Handlowy (BH) has terminated two credit arrangements worth zl.20 million with Grupa Onet, the company managing Poland's largest Internet portal, Onet.pl. The two loan agreements, one a revolving credit and the other investment credit, were both signed in 2000. Grupa Onet said in an official statement yesterday that BH terminated the deal on Monday. BH justified its decision by claiming that Onet.pl might be unable to repay the credit on time. Iwona Ryniewicz from BH refused to comment on the decision, saying it was a matter concerning one of the bank's clients. Deputy president of Grupa Onet, Michal Broniatowski, told Gazeta Wyborcza, "I don't want to comment. This is BH's justification and we cannot have a dispute about it." Broniatowski insisted the bank's decision and the necessity to repay the credit would not endanger the firm's business activities or its financial liquidity. "Firstly, we have adequate financial means in Grupa Onet itself, and secondly, we are currently working on debt restructuring and are completing negotiations with another bank," he said. Although the company has credit lines with other banks, Broniatowski says he is sure they will not follow BH's example. (Gazeta Wyborcza, p. 18) A.Z.