Raw deal for Pozmeat shareholders as executives file bankruptcy papers in court

Yesterday's court submission follows an executive meeting on Friday where the decision was taken. "There was no other solution. The enterprise meets bankruptcy requirements, while the effort of the management was in vain," explained Pozmeat spokesperson Tomasz Sobota. The firm's debts exceed zł.90 million - a stark contrast to last year when the company was zł.36 million in the red with revenues of zł.24 million. "Due to disastrous management policy of BRE Bank shareholders incurred losses, repayment of which will be demanded in court. Claims exceed zł.100 million," announced Emilia Nowaczyk, who represents minority shareholders. Proceeds from the sale of assets will be distributed among creditors. If there is a surplus than shareholders might receive some of their investments. (Puls Biznesu, pp. 1, 8) M.M.