Zakłady Azotowe has reached agreement with creditors, but is it binding?

Zakłady Azotowe Tarnów (ZAT) has reached an agreement with its creditors; ho wever, this agreement has not been approved by the court, as Pekao, one of t he creditors, has reservations. Whether or not the agreement is legally bind ing is to be resolved on July 8. Notwithstanding the court's decision, the c ompany is not threatened by bankruptcy. Pekao representatives did not wish t o clarify their decision. "ZAT, irrespective of the court's decision, will h ave to reach agreement with its creditors. In such a scenario, what is neces sary is the approval of creditors who represent 50% of the liabilities, and not two-thirds as is stipulated in the court's ruling," said Marian Osęka fr om the Industrial Development Agency (ARP). (Puls Biznesu, p. 3) A.C.