|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.
From Warsaw Business Journal
Bridge fiasco highlights road-construction woes
Developer, contractor lock horns over work stoppage
Polimex-Mostostal saw a big loss in 2012, restructuring needed
PBG moots cooperation with Chinese 'giant'
Top managers charged in cartel case
Is Poland's ruling party finished?
BY Remi Adekoya
Migration and remittances in the euro zone periphery
BY Stratfor Global Intelligence