Heavy tax debts force Centrozap to file for bankruptcy

After three years of restructuring, the board of Centrozap S.A. is to turn to the court today to declare bankruptcy of the company, the firm announced yesterday. The decision of the stock-listed company comes after two similar motions filed with the court by its creditors. "In the situation whereby there was no chance of securing the necessary capital to finance the company's activities, we had no other choice," said Centrozap spokesperson Ilona Saft. The steel and engineering firm's fate was sealed last Friday when Voest Alpine Industrieanlagenbau withdrew its down-payment of EUR 4.3 million for its zł. 120 million joint contract with Centrozap in Russia. Centrozap's state is a result of the its zł. 118 million debt with the tax office, even though the firm has already paid zł. 40 million and was able to negotiate payment of a further zł. 50 million. (Parkiet, p. 1; www.onet.pl) J.K.