News Parkiet

Power industry

Alstom tries to recover unpaid bills from ZE PAK

Alstom Polska power industry builder has made new demands for payments from Zespół Elektrowni Pątnów-Adamów-Konin, an insolvent power plant that is part of Elektrim power and telecoms group. Company sources here in Poland say Alstom won't push for ZE PAK's bankruptcy to recover the money for unfinished Pątnów 2 power block.Instead, it may seek payments from Elektrim, which owns almost 40 percent of ZE PAK and has promised earlier it would finance construction of Pątnów 2, Alstom Polska communications manager Marek Szelewicki told PARKIET yesterday. Polish spokesman for the French conglomerate said it may consider filing for Elektrim's bankruptcy if it doesn't get the money soon.Elektrim's downfall would mark one of the biggest bankruptcies in Poland's corporate history. Main shareholder of the Warsaw-based conglomerate, media magnate Zygmunt Solorz-Żak, says Alstom's demands could complicate his plan to shore up ZE PAK's finances, including a personal loan to keep the company afloat.Work at Pątnów 2 was suspended two years ago after the plant run out of money to complete 460-megawatt project, stranding many subcontractors, including Alstom.

Packaging

Ząbkowice ERG slides on first day of trading

Shares of Ząbkowice ERG packaging and stretch film manufacturer closed at 6,85 zloty on their first day of trading on Friday, down 2,1 percent from their IPO price of 7 zloty. Ząbkowice, which used to be controlled by the government before buy-out by a group of private investors several years ago, raised 12.6 million zloty in this year's smallest public offering. The company plans to increase sales by half to nearly 52 million zloty ($16.6 million) this year thanks in part to lower commodity prices.

Information Technology

Travelplanet.pl sets course for IPO

Travelplanet.pl online travel agency said it plans to raise about 6 million zloty in an IPO scheduled before this summer's holiday season. The company, which is controlled by publicly traded venture capital fund MCI Management, says it will be ready to file its issuing prospectus soon.

Travelplanet.pl sold 17 million zloty worth of tour packages last year. It reported its first ever earnings on sales of PLN 5 million, a three-fold increase from 2003, deputy chief executive Tomasz Moroz said.

Equity markets

Kross IPO delayed by regulatory changes

Poland's no. 1 bicycle manufacturer Kross SA had to postpone initial public offering until the fall because of regulatory changes that will affect contents of its issuing prospectus. After July 1st, EU countries have to publish prospectuses based on a new formula, a process that could take a while, chief financial officer Zbigniew Szabłowski told PARKIET on Friday. Kross said previously it would go public in the second quarter of this year. The company planned to raise money for international expansion, with the balance going towards working capital.