Pharmag’s troubles due to non-payment from hospitals

Management of Gdańsk-based pharmaceuticals wholesaler Pharmag is hoping to regain its market position once it completes legal proceedings with its creditors. The company proposed that 30% of its debts be restructured, and creditors have until mid-May whether to decide to accept this. Pharmag's liabilities amount to zł. 50 million. It lost its financial liquidity due to insolvency of hospitals, which were one of its most important clients. According to company president Jerzy Milewski two main factors lie behind its situation. "Our major partner, BRE Bank quit working on co-financing the restructuring of indebted hospitals. The other reason was the attitude of the Pomorska Health Fund, which owes us zł. 18 million. If we received that sum our troubles would be over," explained Milewski. (Puls Biznesu, pp. 1, 6) M.M.