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Bankrupt metal company Centrozap pushes Treasury to convert debt for shares

Centrozap, a de-listed public company, which is currently in a state of bankruptcy, announced that the Treasury Minister has given the green light to the agreement proposed by the company for the Treasury Ministry to convert zł.16.6 million of liabilities into company shares.

"The decision came from Krzysztof Å»yndul, who argued that this is the only way to regain funds," said Magdalena NienaÅ‚towska from the Ministry's press office. According to Centrozap, the green light from the largest creditor, the Treasury Ministry, opens the door to carrying out the restructuring program. "After the debt to shares conversion, the company's main shareholder will be the state," said Ireneusz Król. The company's poor financial condition is a result of a conflict the company faced with the tax office.

(WBJ 21.xi.05)

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