Kredyt Bank wavering as I&B System creditors buy stock

They bought over 2 million shares from a stake of 8 million offered by the firm, which means that it reduced its debt by zł.2 million. The new shares constitute around 9% of I&B System's increased capital. "We are pleased with the result of the offer," said Henryk Kruszek, I&B System's president, but added that the debt reduction will have little influence on the company's financial results, as servicing the creditors was not a large burden for the firm. "The effect of the conversion would be more visible if the shares were acquired by one of our bank creditors," stated Kruszek. The company conducted negotiations concerning the purchase with Kredyt Bank, and postponed the subscription date twice for the bank's convenience. Meanwhile, the bank eventually decided not to take part in the offer. According to Kruszek, the talks with Kredyt Bank concerning the possible conversion are still going on. (Parkiet, p. 5) A.F.