TFL agrees zl. 74 million debt restructuring with creditors

Wroclaw-based leasing company TFL has received a green light from its creditors for a zl. 74 million reduction of its debt, currently standing at zl. 200 million. The agreement, reached on November 25, comprises two tiers for the payment of TFL's liabilities: up to 42% for companies owed more than zl. 15,000 and 75% for those companies to which TFL owes less. In addition, the debtor wants to delay payment by three months. Of 197 companies, 190 taking part in the vote agreed to this proposal. TFL benefited from restructuring regulations and filed for the reduction of its liabilities. The agreement of banks, being TFL's biggest creditors, enabled the positive result of the inquiry. Among them was Bank Gospodarki Zywnosciowej which in a February 2001 court case, forced TFL's bankruptcy, though the Wroclaw Regional Court later repealed the decision and relegated the case for further examination. (Puls Biznesu, p. 6) A.C.