Who will be liable to pay El-Net's debt to Tele-Fonika following takeover?

Following the purchase of fixed-line operator, El-Net by BRE Bank from Elektrim Telekomunikacja, a conflict has developed over the settlement of the company's zł. 29 million debt. In 1999, cable producer Tele-Fonika was selected as the guarantor of the credit granted by a consortium of banks to El-Net. When the operator stopped paying the bills, Tele-Fonika repaid the remaining installments, and demanded the money back from El-Net. By the end of 2002 Tele-Fonika turned to Blue Aries Capital (BAC) to recover the funds. According to Parkiet, a couple of days after the acquisition of El-Net by BRE Bank and other banks in the consortium, the debt is again owned by Tele-Fonika. "Tele-Fonika owns the debt of El-Net. BAC is taking no action in our name," said Tele-Fonika's spokesman, Jerzy Jurczyński, who would not reveal the actions the company will take in order to recover the money. (Parkiet, p. 3) A.K.