Stalexport's shares for debt swop moving ahead

Creditors of Katowice-based Stalexport have signed up for 95.3 million, out of 106 million shares of the company which has debts of over zł. 600 m illion. The required amount of shares to be sold to successfully close the subscription was 86.1 million. The transaction between the creditors and the company envisages a swap of around 32% of the debt into shares. Another 40% will be written-off, and the rest paid in installments. "Thanks to the business approach of the financial institutions it was possible to ensure the further functioning of Stalexport. The program of conversion of debts into shares, as well as swapping short-term liabilities into long-term ones, allows us to see the future optimistically," said the head of the company, Emil Wąsacz. Currently, the company is awaiting an agreement concerning the swap of its short-term secured debt of around zł. 150 million into a l ong-term one. The chances for this being accepted are good, as the company has already agreed with the creditors expecting 80% of that sum. (Gazeta Wyborcza, p. 27, April 19-21) A.K.