Instal Płock looks for investor to save it from bankruptcy

Instal Płock, a company specializing in constructing installations for the petrochemical industry, is currently seeking an investor to help it overcome its serious financial problems. "We have put a controlling stake of 52.6% up for sale. If we fail to find a buyer, we will probably have to declare bankruptcy," said Bohdan Pociej, the executive director of the company. The present owner of the controlling stake is Jacek Żaglewski, while the remaining shares belong to the State Treasury. Instal Płock has been recording losses since 1999, but recording annual revenues of several million złoty. "All our investments have been suspended and the company is going downhill. In the beginning of this year, the court accepted a debt restructuring program, but in order to function properly we need extra financing," said Żaglewski, adding that negotiations are in progress with several potential sector investors. (Puls Biznesu, p. 7) A.K.