HS Krosno: closure possible

Huta Szkla Krosno glassworks is seeing its chances of being rescued and the structure of its bankruptcy being changed as its official receiver and largest creditors are reluctant to cooperate with the…

Huta Szkla Krosno glassworks is seeing its chances of being rescued and the structure of its bankruptcy being changed as its official receiver and largest creditors are reluctant to cooperate with the board of the company. Krosno president Stefan Maciejewski said that the receiver is not providing the board with information concerning the company, while the largest creditor Bank Pekao does not seem to be interested in coming to agreement. Moreover, insufficient IT software makes it impossible to calculate the total debts of the company, which at the end of 2008, were ZL 281 million. No financial report has been made in 2009, but the receiver announced that some data could be issued before the end of the year. Maciejewski is considering resigning as, in his opinion, the behaviour of the receiver and the largest creditors makes it impossible to introduce ideas aimed at saving the company, even if shareholders have offered money to finance this goal.