Igloopol Devises Bailout Plan
Frozen food producer Chlodnia Igloopol, which was established in 2001 after a merger of Chlodnia Zgoda and Igloofruit
Debica, despite serious financial problems intends to fortify its position in Russia and increase exports to EU
countries. Prior to this it must however make peace with its creditors and undergo restructuring. "The court has
declared a mild form of the company's bankruptcy with the possibility of striking an agreement with its creditors
and maintaining the incumbent management," said Witold Tusinski, Igloopol president. The company is counting on a
deal with its creditors, which is to encompass ZL20m worth of debts. It plans to pay half in the course of the first
year proceeding the signing of the agreement, and the second in installments stretched over four consecutive years. The
management also wishes to cut operating costs, by closing one plant and selling two others.
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