In Brief: Elektrim; Daewoo deal; Parker Hannifin; Prochem; Pharmaceuticals

Elektrim's bondholders rejected the company's Tuesday offer to pay them back before the bond mature in 2004 in exchange for reducing their value by 8%. An informal committee of creditors said they saw no reason to accept the proposal. (Parkiet, p. 5) ... Early on Wednesday morning, the management of Daewoo reached a general agreement with Polish banks-creditors on restructuring zł. 600 million of its total liabilities exceeding zł. 4 billion. (Rzeczpospolita, p. B4) ... A world leading producer of hydraulic systems, American concern Parker Hannifin Corporation, will open a new plant located near Wrocław at a cost of $7 million. Around 600 jobs will be created at the new factory. (Parkiet, p. 6) ... Warsaw-based construction company Prochem won a contract with Grupa Lotos worth zł. 35 million, which accounts for almost 80% of the firm's revenues in the first half of 2002. (Parkiet, p. 6) ... Yesterday's session of the Sejm Treasury Commission on the Consolidation and Privatization of the Pharmaceuticals Sector was unable to begin its deliberations. Wiesław Walendziak, the Chairman of the Commission, informed that the document concerning plans for the sector he received from the Treasury Ministry was somewhat different from what Economy Commission previously received. (Parkiet, p. 5) M.M.