Szeptel to sell assets in attempt to stave off receivers

If telecommunications company Szeptel does not manage to sell its fiber-optic network and pay off its loans, the management will file for the firm's bankruptcy. The directors estimate that the value of the company's assets still exceeds last year's losses of over zl. 46 million. They were forced to create huge reserves due to an unsuccessful sell-off of assets and quitting their strategy of constructing a national fiber-optic network. "Reserves are the major reason for such a terrible result," said Szeptel president Cezary Przybyslawski. The company cut corners and started restructuring. "Our situation remains critical," explained the president. According to experts, Szeptel's only chance for survival is to sell its network, pay off its debts and return to its core activity - providing local telecom services. "We should simply focus on what is profitable," said Przybyslawski. (Parkiet, p. 6) M.M.