Ursus restructures by means of bankruptcy

Since September 30, the Ursus tractor factory is in a state of bankruptcy and is being managed by a receiver. "This is just an element of our restructuring process and a move we have been considering for over two years," explained Ursus president Stanisław Bortkiewicz. Among the most important creditors are the Social Insurance Fund (ZUS), to whom the factory owes about zł. 200 million, and energy supplier STOEN, which is owed zł. 40 million. Józef Syska, the company's receiver refused to comment the state of the concern. "I have just begun to take over the assets. I am also working on the evaluation of the firm and preparing a list of creditors," explained Syska. The bankruptcy does not mean that the brand will leave the market. This only applies to the company, which was managing the enterprise's real estate. The majority of its subsidiaries has survived. "In August, Bumar took a 70% stake in the tractor producer and thanks to its financial support, we are close to concluding a zł. 15 million modernization," explained Bortkiewicz. (Puls Biznesu, pp. 1, 6) M.M.