State-owned ferry operator unloads terminals in bid to avert its demise

Szczecin-Swinoujscie and Gdansk harbors will buy ferry terminals from state-owned ferry operator Polska Zegluga Baltycka for zl.216 million. PZB says the money raised in the deal would be used primarily to finance its debt to Bank Handlowy. According to Grazyna Bajko, the financial director at PZB, the disposal of the teerminals will allow the company to survive and continue its core business. Still, industry observers say PZB may not yet be out of danger as it has to pay long-term loans it took out some time ago to buy and overhaul several vessels in its fleet. The company had losses last year of zl.45 million. (Rzeczpospolita, p.B2)J.K.