PIA Piasecki begins to dig itself out of trouble and debt

One of the largest domestic construction companies, PIA Piasecki, has signed an agreement with Kredyt Serwis allowing them to take over 60% of shares in Piasecki's subsidiary, PIA Piasecki Inwestycje and Bialostockie Przedsiebiorstwo Budownictwa Przemyslowego Przemyslowka. Thanks to this, the total liabilities of the construction company will drop by over zl. 80 million. PIA Piasecki has reserved the right to repurchase the shares, amortized by the cost of capital, or the increase in the value of the companies. "This represents our first serious capital injection since May, and will be used to service current liabilities," said Stanislaw Gieron Piasecki's acting president. It is possible, as the company claims, that the funds will even allow the company to begin to operate normally again. At present, Piasecki is completing orders worth zl. 80 million and hopes to win further contracts of zl. 150 million. (Prawo i Gospodarka, pp. 1, 6) M.M.