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Netia to conclude shares-for-debt deal with creditors

Telecom operator Netia is to formally finalize an agreement concerning the exchange of its debts for shares next Monday when the deal will almost certainly be approved by the company's Dutch creditors. In this event, Netia's liabilities will fall to almost zero, and it will find extra funds for investments.

The proceedings have already been accepted for Netia Telekom and Netia Holdings. The share issue can only be achieved, however, with the agreement of the courts in both Poland and the Netherlands, which in turn will only occur if the creditors withdraw their charges. “We signed a deal with these companies a week ago, so a withdrawal of the charges is only a formality,” said Netia chairman Wojciech Madalski in an interview.

Following the debt conversion, the former owners will control less than 10% of Netia’s capital. Madalski, however, declined to name the company's future creditors and owners, saying only that it would be a group of European and American investment funds and banks.

(WBJ 25.x.02)

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