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Record trading losses suffered through bad press

The shareholders of PIA Piasecki, a Kielce-based construction company, lost 40% of their shares’ value in a single day’s trading yesterday. The losses came in the wake of news about company contracts being terminated and a court application for its bankruptcy.

The Piasecki group has not yet managed to find a strategic investor that would help it survive on the ailing construction market with the most likely time for the court to answer the bankruptcy petition being mid-August.

Gazeta Wyborcza reports that the Piasecki group has suspended a number of its investments and fails to pay the majority of its liabilities. Piasecki president Piotr Mroczkowski announced last week at a press conference that the matter of financing the company would be resolved early next week. According to Gazeta Wyborcza, CA IB bank is still trying to find a buyer for Piasecki's bonds, worth z³. 60 million.

(WBJ 19.vii.02)

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