Russian giant to take over bankrupt WRJ

The company is being sold by its major shareholders and creditors - state owned Towarzystwo Finansowe Silesia, ING Bank Śląski, Stalexport and Sinara Handel. The transaction should be completed within 6 months, the necessary time for approving the sale contract and carrying out analytical works. TMK will complete the investments in the plant and launch production within six months. TMK declared that the final output will be no less than 100,000 tones of pipes per annum. "This is the basic contract, which is only regulating rules of conduct in the coming months," said Stalexport's president Emil Wąsacz. Stalexport will still pledge some of the liabilities in WRJ. (Parkiet, p. 3) M.M.