In Brief: Elektrim debt deal; Sugar prices; Exbud; PSE; Huta Czestochowa
Elektrim expects to sign a life-saving deal with bondholders today. The
restructuring plan offers bondholders partial cash repayment by the end of
2002 and full repayment once the company sells its key telecom assets.
Maciej Radziwil, the president of Elektrim said that 53% of bondholders have
agreed to the plan, nearing the 75% threshold needed for final approval.
(Reuters) ... The intervention price for sugar from July 1, 2003, until June
30, 2004, has been set at zl. 1.85 per kilogram, with the basic price for
sugar beet set at zl. 125.35 per ton. The sugar surplus now stands at nearly
290,000 tons. (Rzeczpospolita, B1) ... After 11 years Exbud has left the
Warsaw Stock Exchange. In 1999 the Swedish construction company Skanska
started to buy Exbud shares, gaining over 96% of them by 2001. At the end of
2001 Skanska made the decision to remove Exbud from public trade. (Parkiet,
p 6) ... The Polish Power Grid (PSE) has announced that they will cut energy
supplies to Huta Czestochowa, unless the steel mill agrees to start paying
its zl. 94 million debt to PSE. Recently power was cut for four hours, as a
warning to Huta Czestochowa. (Prawo i Gospodarka, p. 3) A.L.
