Hortex begins to shape up for 2003 following final financial restructuring

Bank of America, the owner of a 92% stake in one of the leading juice producer and frozen vegetable and fruit distributor, Hortex Holding has reached an agreement with Bank Gospodarki Zywnosciowej (BGZ), its main creditor and the European Bank for Reconstruction and Development (EBRD) concerning the final phase of financial restructuring of the company. The agreement envisages a remission of part of the debts, an increase in capital and an exchange of the current loans into long-term instruments. These actions are aimed at cutting Hortex's operational costs, which in turn will allow the company to concentrate on regaining its market position and improving its financial standing. (Rzeczpospolita, p. B5; Puls Biznesu, p. 5) A.K.