Stalexport as creditors agree to debt for equity swap

Stalexport, a publicly listed company specializing in the trade of steel, has finally managed to convince its creditors to a debt for equity swap. As a result, the European Bank for Reconstruction and Development, which was the largest shareholder in Stalexport with a 30% stake, has lost control over the company. "Now, the creditors, chiefly financial institutions, have gained control," explained Emil Wąsacz, the president of Stalexport. The creditors acquired shares worth zł. 189.8 million, at zł. 2 per share. "We are currently waiting for permission from the Securities and Stock Exchange Commission to float our shares on the Warsaw Stock Exchange. Than all the new shareholders will be able to sell their stakes and withdraw from their investment," added Wąsacz. According to various estimate, in the first seven months of 2003, Stalexport's revenues amounted to zł. 490 million, with a net profit of almost zł. 16 million. (Puls Biznesu, p. 5) A.K.