PGI seeks urgent investment after accusing BRE Bank of hostile takeover bid

In a statement published yesterday, Polska Grupa Interim (PGI), owner of Wyd awnictwo Prasowe Twoj Styl (WPTS) publishing house, condemned BRE Bank for i ts abrupt decision to cancel three loans. "In recent days Polska Grupa Inter im has faced an attempt at a hostile takeover of its assets," the statement said. On January 4 BRE Bank canceled three credit contracts worth a combined zl.55 million, and demanded that PGI repay the debt within seven days. PGI c laims there are no grounds for terminating the contracts, and that the only reason is to attempt a takeover. PGI is determined to resist any such attemp t, and is exploring possibilities of raising the funds from other sources. W PTS president Przemyslaw Szmyt commented, "We have opened talks with several banks, but it's hard to say if we will be successful. Due to the short time left to us, the task will be exceptionally difficult." (Rzeczpospolita, p. B 10; Puls Biznesu, p. 10) A.Z.