Solorz-Żak nabs ZE PAK in convoluted debt deal

Inwestycje Polskie - also a holding company - seized Embud from Elektrim as collateral for a 40 million loan, which was due to be paid off in October, and was taken out in 2004 to buy out employees' bonds. One month ago ZE PAK received a loan for EUR 227 million from banks and 224 million from environmental protection agency NFOŚiGW to continue building its new power plant complex. "The transfer of Embud's stake in ZE PAK was a formal requirement of the bank officials," said Elektrim's president, but he did not reveal why. ZE PAK, a key Elektrim holding, is worth 20 times the amount Elektrim owes Inwestycje. (Parkiet, pp.1,20) J.J.