Szeptel recovering, thanks to debt purchase

Szeptel, an ailing publicly listed local telecom operator, has shown signs o f recovery, thanks to its investor Media Net Interactive (MNI), which has bo ught the company's debt of zł. 20 million from bank Pekao. MNI specializes i n providing value-added services for telecom operators, and controls only a 5.4% stake in Szeptel. "The most probable scenario is a debt to equity swap that will allow MNI to become a significant shareholder," stated Radosław So lan, an analyst from BDM PKO. According to Piotr Konig, head of MNI, if Szep tel manages to improve its internal situation, it stands a good chance of in creasing its revenues. "We are experienced in providing modern telecom servi ces and we are able to help Szeptel," said Konig, adding that MNI was also n egotiating debt restructuring conditions with creditor banks. Szeptel's debt s amount to zł. 39 million, with revenues recorded in 2002 of zł. 20 million . (Puls Biznesu, p. 7; Gazeta Wyborcza, p. 16) A.K.