Netia demands MC be declared bankrupt

Telecom operators Netia and Netia-controlled El-Net have submitted to the Warsaw district court two motions to declare Millennium Communications (MC), a Warsaw-based telecom and IT service provider, bankrupt. In this way the companies are trying to recover their unpaid debts of over zł.30 million which is owed by MC. The debtor first came into conflict with Netia several years ago when Netia tried to take over MC and granted it a loan of zł.11 million. The transaction was never completed, but the liabilities remained unpaid. Another reason for launching legal action is the fact that MC's total debts, which amount to zł.58 million, exceed its fixed assets which are worth zł.36 million. (Puls Biznesu, p. 8) A.K.