The current macroeconomic situation does not support Polish companies. According to data collected by the Industrial Development Agency, in the first half of 2009 courts announced bankruptcy of 309 companies. It is 53 percent more than a year ago. Moreover, this negative tendency is getting stronger – whereas the number of bankruptcies increased by 25 percent in the first quarter, after 5 months it was already 41 percent. Forecasts indicate that in the end of the year this number is bound to increase to 100 percent. Growing payment backlogs in the industries, which are most exposed to the crisis, lead more and more frequently to loss of financial liquidity among enterprises, and, in the effect, lead to bankruptcy.
A rescue from the bankruptcy scenario is restructuring, understood usually as a simple dismissal of employees. – while it should also consist in introducing innovative solutions in companies – said Michał Boni, a minister and the Chairman of the Standing Committee of the Council of Ministers during a panel „Crisis as a chance for thorough restructuring“. – That is why, we would like the assistance funds for companies to reach not just companies exposed to the risk of losing liquidity, but also the ones, which have new projects at hand. – said Boni.
The minister emphasized also that it is difficult to expect that the situation, which happened in Gdynia and Szczecin shipyards – restructuring within the scope of the compensation law at the expense of PLN 700 million from the Guaranteed Employee Benefits Fund – would repeat in the case of other state-owned enterprises. – The process of restructuring proceeded very well by the time, when promises were made that the shipyard would find a miraculous investor, which would renew production in the plants – said Michał Boni. – The effect is that excessive promises reduce the level of activity.
The President of LOT Sebastian Mikosz admitted that recession forced serious changes in the aviation industry. – In our case, the crisis creates a necessity of restructuring understood as changes, which would allow avoiding the extreme, which is bankruptcy application – said Mikosz.
Heinrich Hofer, the Vice-chairman and Executive Director of the German Industry Federation did not hide that market rules were broken by granting generous subsidies by the German government to such industries as shipyard or automotive. – We cannot permit state subsidies to impose the structure of industry in Germany, but, on the other hand, we need to remember that competitors from such countries as South Korea allocate significant funds in support to their shipyards, and, if we resigned from subsidizing German shipyards, we would have let them to be ahead of us – said Hofer. – The economy cannot function in this way in a longer term. Support must be stopped in appropriate time – emphasized Hofer.
