Videowall goes under, shareholders and creditors left high and dry

Videowall, a Bielsko Biala-based outdoor operator of advertising screens went bankrupt in mid-December, which cost its shareholders over zl. 40 million. According to unofficial information, the company has debts exceeding zl. 30 million. However, creditors have little chance of receiving their money, as a leasing company has taken Videowall's assets worth zl. 24 million and another zl. 5 million were taken over by an insurance company. Average monthly company revenues were between zl. 200,000 to zl. 300,000, as the 30 second advertising spot on its screens cost only zl. 20. In comparison, the average monthly cost of renting a billboard is about zl. 800. The now ex president of the company, Leszek Lenko, blames the problems of Videowall on restrictive regulations, which forbid advertising cigarettes and alcohol. (Puls Biznesu, pp. 1, 5) M.M.