Last beat of the drum for instrument producer Tonsil as court orders closure

The judge explained the verdict by saying the company is not able to perform its recovery plan or pay back its liabilities. Tonsil's management board lost the right to control the company in April 2004, however, the company was not closed then because board members successfully negotiated debt restructuring terms. Nevertheless according to the verdict the company neither had the legal right to carry out negotiations, nor did it manage to fulfill the sett lement. For the last year Tonsil has failed to produce anything but was able to draw profits from rental of the company premises. However, income from this activity was smaller than earlier expected. Tonsil's closure is likely to spur bankruptcy of its subsidiaries, which also make money in ways other than production. Yesterday, the index of Tonsil fell on WSE by 8.3% and hit the rock bottom of zł.0,55. (Parkiet p.3) M.G.