PIA Piasecki to suggest terms of settlement to creditors

One of the largest construction companies PIA Piasecki, which confirmed last week that it lost financial liquidity, has not yet managed to convince any f inancial institution to help it. It has also failed to reach an agreement wi th creditors over debt restructuring. Piasecki recently lost several contrac ts, and one bank recalled a loan. Settlement propositions include reducing t otal debts' interest calculated until the day of opening a settlement case i n court and excluding the costs of legal and administration proceedings. Oth er liabilities would be cut by 60% and would be paid in quarterly installmen ts over four years. About zl. 120 million of debts are covered by the plan, but this would leave another zl. 72 million of other liabilities outstanding . "This is a reasonable proposal from the management," said Tomasz Binkiewic z from the Bank Ochrona Srodowiska brokerage house. Creditors have yet to di scuss the suggestions. (Puls Biznesu, pp. 1, 4) M.M.