Prima Charter's fortunes take a nose dive into bankruptcy

It decided that it was justified and that as of 2 January 2008 a court supervisor will prepare a report on the financial condition of the firm. On the basis of which the court will take a decision on announcing the bankruptcy of PCh. "The company should evidently go bankrupt and moreover it has an incompetent management board which should not handle its property," said Sebastian Bogusz, proxy of an anonymous creditor, which submitted the bankruptcy motion. This creditor is one of the potential new shareholders, which was dissatisfied with the mess in the company, which resulted with non-registration of three attempts to raise equity in Prima Charter by the court. Some of the investors, including the creditor, demand reimbursement of the payments they made for the unsuccessful attempts at raising equity. "We intend to pay off this debt and we are already in negotiations with the proxy of the investor," said management board member of PCh Adam Wychowaniec. Sebastian Bogusz denied that any such talks are in progress. "The truth is the company needs cash urgently and it does not have it," said a Puls Biznesu source. (Puls Biznesu, pp. 1, 8) M.M.