Szczecin Shipyard's future looks less certain every day

The Szczecin Shipyard took another major step towards bankruptcy yesterday as some of its creditors failed to agree to the debt annulment plan by the deadline, which passed at 4 p.m. Representatives of one of them, Pekao S.A., from whom the shipyard has borrowed as much as zl. 600 million, wished to carry on working with the yard over the reduction of its liabilities, yet demanded further details of the company's economic prospects. "We would like to see the yard's restructuring plan and if debt reduction is called for we will start talks concerning the extent and timing of such a reduction - then we will take a decision. For now it cannot be taken, as it's not known what the purpose of the debt reduction would actually be," said Sebastian Luczak, spokesman for Pekao S.A. Some analysts maintain that bankruptcy may prove to be the best solution for the company, which cannot operate effectively in its current condition. However, radical changes including significant staff reductions seem to be unavoidable. (Puls Biznesu, pp. 1, 6) M.K.