Hs Orzesze: Receiver Launches New Sell-Off

The receiver of bankrupt Polish glassworks HS Orzesze, launched a tender on 24 July to sell the company. The starting price was set at PLN 19.1M (EUR 4.3M). The deadline for submitting offers is 4 October 2004. The results of the tender will be announced at the regional court in Katowice by 7 October. Several previous attempts to privatize the glassworks have come to nothing. HS Orzesze has annual revenues of around PLN 40M (EUR 9M). The company posted a net loss of PLN 4.3M (EUR 895,500) for the first 11 months of 2003. The glassworks, located in Orzesze, Silesia Province, employs 239 people and sells most of its output on the domestic market.