Pronox to fight for Reporter

2010-02-08

Pronox, a distributor and producer of IT solutions, is working on transforming the liquidation of Reporter, a clothing company, into an agreement with its creditors, according to Puls Biznesu. Pronox, one of the creditors of the clothing company, which declared itself bankrupt in November 2009, plans to retrieve PLN 15m (€3.7m) of debt from Reporter.
The IT firm has proposed the establishment of a council of creditors which would petition the court to change Reporter’s liquidation into a settlement. Furthermore, Pronox intends to carry out a restructuring programme at the clothing firm and to introduce it on the NewConnect alternative stock exchange in 2011. According to the Pronox management, the introduction of Reporter on a stock exchange is the only way of retrieving money.
Reporter is willing to accept such a solution. The company hopes to be able to launch a new collection for the Autumn 2010/Winter 2011 season. It does not intend to rebuild a large retail chain and would rather focus on developing its stores by means of a franchise model.