Mounting debts force STGroup to file for bankruptcy
Following a series of demands to repay its debts and after the freezing of
its bank accounts, computer distribution company STGroup has finally filed
for bankruptcy. The company was forced to bow to the inevitable after
creating a reserve against its liabilities, only to discover that no cash
remained for its daily operations. Among the companies seeking the repayment
of debts are equipment suppliers IBM and Cisco. Also, the State Treasury
has insisted on receiving collateral against the STGroup's tax liabilities
for the years 1999 and 2000. Commenting on the situation, STGroup's capital
market specialist Mariusz Kanicki said, "Bankruptcy does not eliminate the
possibility of holding talks with creditors about debt restructuring. The
company's situation is very difficult. In such circumstances it is hard to
conduct business activities." The STGroup's debts amount to zl.68 million.
Its main creditor, Bank Handlowy, is owed some zl.20 million. (Puls Biznesu,
p. 11) M.T.
