Light at the end of the tunnel for Energomontaż Północ creditors

Publicly listed construction company, Energomontaż Północ (EP), which has fell into serious financial trouble after an unsuccessful attempt to increase its capital is currently working on a new arrangement with its creditors. The commercial court has agreed to commence the procedure. "It is still too early to speak of any details concerning the reduction of liabilities, repayment dates, etc. Only after closing the list of creditors we will be able to analyze the financial effects of the options," said Mariusz Różacki, the president of EP. The company estimates that the debt restructuring procedure will cover zł. 30 million plus interest. The exact figure is to be announced after calculating the total debts, that is on September 22. Several hundred subcontractors and companies delivering materials to EP will participate in the arrangement. EP's total liabilities reach zł. 70 million. (Puls Biznesu, p. 6) A.K.