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Construction
Mostostal may lose key assets
to debtors and creditors
Mostostal Zabrze, a civil engineering company from Silesia may be forced to give up its few remaining assets to selected creditors after it failed to secure court protection from former business partners. In early May Mostostal presented new debt reduction proposals, including debt for stock swap, that leave the company exposed to uncontrolled repossessions by creditors on a 'first come, first serve' basis. At least one creditor, Cresco Financial Advisors investment firm complains the arrangement favors some creditors at the expense of others.
At the end of March Mostostal's assets have declined to about 240 million zloty, or 100 million zloty less than its total debt.
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