Tonsil hardly has the chance to solve one problem before another appears

The directors of loudspeaker producer Tonsil said they will present a life-saving restructuring plan to the company's shareholders during the general shareholders meeting scheduled May 29. According to company chairman Czesław Schejn, under the program Tonsil will increase its capital by zł. 4.4 million, of which zł. 1.5 million would come from the conversion of the company's liabilities, with the remainder, in the form of a share issue, to be aimed at other creditors. Schejn said that the company's troubles in April resulted from the collapse of its German partner, Grundig, which recently lost its solvency. The chairman has added that Tonsil's difficult situation forces the company to constantly seek further cost reductions. (Parkiet, p. 5) J.K.