Netia still some way from final settlement with debtors

American hedging fund Sisu has rejected Netia's terms to settle their $850 million debts with creditors. The protest has lead the court to postpone its decision, which was to approve the settlement of Netia Holdings. Despite the fact that Sisu only owns a few percent of the debt, a danger lies in the fact that other creditors may follow Sisu's lead and further complicate the situation. A district court in Warsaw has requested additional explanations from Netia including financial reports and a new appraisal of the company. If this appraisal proves higher than the one defined in conversion of the company's debt, Netia might have to worry about facing the verge of ba nkruptcy. The operator must respond to the court's request by July 16. Michal Marczak, an analyst with DI BRE Bank, believes that Netia is capable of completing the settlement proceedings, despite the possible threats. (Puls Biznesu, p. 4) P.W.