PIA Piasecki to change profile from building to dealing

Construction company PIA Piasecki's management board realizes it can no longer survive on the construction market so, if all its creditors agree, it will focus on buying, consolidating and selling the bad debts of commercial banks. "Our main objective is to continue our legal and functional existence. However, in order to protect the rights of creditors and shareholders, we are obliged to change our profile," said PIA Piasecki President Stanislaw Gieron. Following acceptance of the proposal by its creditors, Piasecki's liabilities would be converted into shares and 55% of them would then be controlled by four banks. "The company would be supervised by banks, so we would focus on the banking sector, thus not requiring any license," explained Gieron. If the banks accept the proposed plan, current shareholders would control only 17% of the company. PIA Piasecki is also seeking a new investor. (Puls Biznesu, pp. 1, 4) M.M.