Netia denies rumors of bankruptcy as shares plunge

Netia, the leading challenger to TPSA’s dominance of the telecom market, has denied rumors that it is taking steps to declare bankruptcy, after its stock plunged on the Warsaw Stock Exchange yesterday. In a statement, Netia chief executive Mattias Gadd said, “We are confident about the fate of the company and its funding because, as we announced earlier, the company has guaranteed financing to the end of the first quarter of 2002.” At close of trading yesterday, Netia shares were down over 10% on the day, having rallied from an earlier 23% fall. (Reuters)