Szeptel creditors not happy with settlement proposals

Szeptel, a regional alternative fixed-line telecom operator has turned to its creditors to write off 40% of its outstanding debt with the remainder to be paid in installments over an eight-year period. The outstanding loans, mainly investment loans, taxes and fees have stand at around zł. 47 million. One of the biggest creditors, bank Pekao, has turned down the offer and warned it would continue its calls for the company's bankruptcy. "The company is no longer able to satisfy its creditors...We consider the offer extremely unfavorable for creditors," said Pekao's spokesman Sebastian Łuczak. The operator's smaller creditors, who are owed less than zł. 10,000, would receive the full amount due if the debt restructuring proposals are approved. (Parkiet, May 10-12, p. 5) J.K.