11th September 2012
Saturday, May 25th, 2013
Hydrobudowa files for bankruptcy
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.
From Warsaw Business Journal
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