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Uniprom declared bankrupt after failing to take over WSiP

The Warsaw commercial court has announced the bankruptcy of Uniprom, a printing company which at the beginning of this year was supposed to become the majority shareholder of educational book publisher Wydawnictwa Szkolne i Pedagogiczne (WSiP).

The transaction was not sealed as Uniprom failed to obtain resources from financial institutions for the acquisition of the largest publisher of educational books in the country, worth zl. 334 million. The last tender for the purchase of WSiP shares was accompanied by mutual accusations among companies participating in the competition. Anonymous information concerning Uniprom’s poor financial condition turned out to be true.

However, had the transaction been made, Uniprom would probably have managed to avoid bankruptcy due to WSiP’s excess liquidity. According to estimates, WSiP has at its disposal around zl. 100 million.

(WBJ 31.x.02)

 
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