Piasecki shares boom as court rejects bankruptcy charges

PIA Piasecki, one of the largest domestic construction concerns that was on the verge of bankruptcy seems to have had a narrow escape. A court in Kielce rejected petitions for Piasecki to be declared bankrupt. The company now hopes to be able to negotiate a 40% reduction in its zl. 120 million debt with creditors. The enterprise is still in a dramatic situation, as in the second quarter it noted receipts of zl. 1.3 million, while it lost zl. 119.9 million. As creditors seem reluctant to talk about debt reduction Piasecki's future is still uncertain. Nevertheless the news was enough to send Pi asecki's shares rocketing by 58.5% on the Warsaw Stock Exchange. (Zycie, p. 8) A.D.