Will "common sense" break the stalemate between Elektrim and its creditors?

The management board of Elektrim has until May 14 to declare bankruptcy, unless they earlier manage to come to an agreement with creditors. The company has already announced that its last proposals for settlement was a final one. A number of the creditors have the right to file for bankruptcy proceedings. "We do not exclude taking the necessary legal steps which would mean putting forward a motion of bankruptcy," said a representative of creditors, whom Elektrim owes zl. 1.8 billion. Elektrim earlier proposed to pay back the debt in two installments, around zl. 700 million this year, and over zl.1 billion in 2005. "I believe in the common sense of the creditors. Their decision to reject our proposal does not end negotiations," said Hubert Janiszewski, deputy head of the Elektrim's supervisory board. (Puls Biznesu, p. 4) A.K.