Krosno Huta Szkla: court declares bankruptcy

Poland“s Krosnienska Huta Szkla (KSH) glassworks has been declared bankrupt and will be closed down. By taking the decision, the court in Krosno went a step further than the firm“s board, which hope…

Poland“s Krosnienska Huta Szkla (KSH) glassworks has been declared bankrupt and will be closed down. By taking the decision, the court in Krosno went a step further than the firm“s board, which hoped to file for bankruptcy with the possibility of entering into an agreement with creditors. According to court spokesman Artur Lipinski, the decision was taken on expert advice that there was no way such an agreement could be drawn up, contrary to the KHS board“s earlier statements. The court appealed to creditors to file their claims within two months. Small shareholders, who own 20% of KHS shares and planned to establish a Minority Shareholders Association, are surprised by the decision, and announced that they would appeal against the verdict. It is difficult to state who could be interested in taking over the KHS assets. In 2008, the company made a PLN 116.3 million loss, on PLN 237 million revenues from sales; it employed over 2,000 people.