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Hydrobudowa files for bankruptcy

11th September 2012
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The construction firm helped build the National Stadium in Warsaw

National Stadium in Warsaw
Courtesy of Wikimedia Commons

Shares of construction company Hydrobudowa Polska dropped 40 percent to zł.0.03 on Monday in reaction to news that the company's board has changed its bankruptcy application to a request for outright liquidation, Parkiet reported.

The company's standing has gotten worse in recent months. With banks taking control of Hydrobudowa's accounts and withdrawing from loan agreements, the company has lost financial liquidity. As a result its liabilities have risen to zł.75 million.

Henryk Stypka, chairman of the Solidarity trade union at Hydrobudowa said that in September, some 760 workers would be laid off, Parkiet reported.

Hydrobudowa was part of the consortium which built Poland's National Stadium.

Poland A.M.

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