Swarzędz asks for zł.10 million to stave off bankruptcy

"Continuation of operations will have no justification," said Jarosław Król, president of the company as of Monday. In H1 losses exceeded zł.12 million, while sales stood at zł.1.9 million. The company is intending to sell shares worth almost zł.35 million in total, and the subscription will be carried out until September 27. "Proceeds from the share issue will be designated for repaying liabilities (zł.24.6 million) and supplying working capital (zł.10 million)," explained Jarosław Król. Management of the company pledged to restructure the enterprise. "We have one of the most renown and appreciated furniture brands on the market and on this basis we will create strength of the firm. We will only leave one production facility, while 70% of output will be ordered from external sources," said Włodzimierz Ehrenhalt, deputy president of Swarzędz. (Puls Biznesu, pp. 1, 10) M.M.