In Brief: UPC; End of Penetrator?; EI-Net; Beer sales; Skarbiec hedging fund

Cable television operator UPC Polska managed to reach a final agreement with its creditors, which means it will reduce its debts by 93% ($876 million). (Parkiet, June 21-23, p. 3) ... The oldest non-banking national brokerage house, Penetrator, may soon disappear from the market due to its high liabilities. The company's situation has attracted the attention of the Securities Commission, tax office and prosecutor. (Parkiet, June 21-23, p. 3) ... Over the next few days, Elektrim Telekomunikacja (ET) may sign an agreement to sell its stake in telecoms operator El-Net. According to Parkiet sources, El-Net will be taken over by a consortium of banks. (Parkiet, June 21-23, p. 3) ... In Q1 breweries sold 3% less beer than a year earlier. Their consolidated result for the first five months of 2003 was slightly better, but there is little chance that the market would grow by 8% this year as it did in 2002. (Parkiet, June 21-23, p. 5) ... It is very likely that in July 2003, investment fund Skarbiec will launch the first hedging fund in Poland, which will manage about zł. 10 million belonging to a very narrow group of clients. (Parkiet, June 21-23, p. 6) M.M.