Poland's Krosnienska Huta Szkla 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 board's earlier statements. The court appealed to creditors to file their claims within two months. Small shareholders, who own 20% of 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 say who could be interested in taking over the assets. In 2008, the company made a PLN 116.3M loss on PLN 237M revenues from sales.
