PGZ won't bid for Autosan

A consortium comprising HSW, PIT-Radwar (included in Polish Defense Holding - PGZ) and SKB Drive Tech has withdrawn its offer to acquire bus producer Autosan, the Polish Press Agency (PAP) reported citing the company's receiver. The fifth auction for insolvent Autosan is being held, after the previous ones did not succeed. This time, the asking price has been reduced to PLN 37 million.The first asking price amounted to over PLN 59 million. According to information gathered by PAP, the decision was pushed by CEO of PGZ, Wojciech Dąbrowski. PGZ was one of three bidders who made offers for the bus producer, their names have not been disclosed due to industry confidentiality. Autosan has been in bankruptcy proceedings for over a year. Despite its problems, the company continues to operate. Last year, it sold 50 buses.