In brief: Stalexport credit arrangement; new Philips plant; cost of gas imports

Stalexport has filed a request in a Katowice court to open a new arrangement with its creditors, under which it promises to drastically reduce costs and dismiss 150 out of its 388 employees. At the end of March, the company's debts stood at zl.983 million. Investors reacted positively to yesterday's announcement, with Stalexport's share price rising by over 20% on the Warsaw Stock Exchange. (Gazeta Wyborcza, p. 32) ... Philips Electronics yesterday opened a new plant, Philips Lighting Poland SA, at Pila in the northwest of the country. The plant was built at a cost of zl.32 million. Next year Philips plans a further zl.50 million investment in Pila. (Rzeczpospolita, p. B4) ... Gas imported from Denmark will be slightly higher in price compared to that from Russia. However, it will be cheaper than Norwegian gas. This is according to chairman of Polish Oil and Gas (PGNiG), Andrzej Lipko, who was being interviewed on an Internet chat site. (Rzeczpospolita, p. B2) M.T.