Krakow steel mill teeters on the edge of bankruptcy
The Regional Court in Krakow yesterday postponed its consideration of Huta
Sendzimira's (HTS) application for settlement proceedings with creditors,
until September 7th. Simultaneously, an application for the Krakow-based
steelworks' bankruptcy announcement, presented by one of its creditors,
Belmer Sp. z o.o., HTS' affiliate company, was also postponed. At the end of
June, HTS' total loans amounted to around zl. 1.4 billion, half of which
may now be included in the settlement proceedings, which the steelworks
intends to conclude with 894 creditors. The preliminary draft settlement
proposes paying off those creditors owed under zl. 10 thousand; around 1/3
of the creditors, and 40% of the remaining creditors' dues. (Prawo I
Gospodarka, p.4) K.K.
