Millennium Comms liquidates despite legal battle

Following several years of prosperity, the company's financial position began to deteriorate in 2003 to a point where its long-term debt exceeded zl.30 million. In addition to its financial woes, MC has been engulfed in a legal battle with Netia, Poland's largest alternative fixed-line operator, since 2001. Netia's bid to take over MC's shares failed and soon after both companies sued each other for damages. In March a third telecommunications company, Intelligent Technologies (IT), took over MC's zl. 5.3 million of outstanding debts and now that the MC has moved into liquidation, IT has offered its services to MC's clients. Robert Mikuski from the Stopczyk and Mikulski law firm says that usually liquidation of a firm is not connected with financial problems and there is no risk to business solvency of the liquidated company. This is probably why none of MC partners sees anything wrong in the liquidation of the company. The liquidation will put Netia in a bad position however, leaving the company with a very slim chance to win its damages suit agains MC. (Puls Biznesu p.7) M.M