Reuters: Bankruptcy News: Polish builder PBG seeks bankruptcy protection

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Polish builder PBG seeks bankruptcy protection Jun 4th 2012, 11:30 WARSAW, June 4 | Mon Jun 4, 2012 7:30am EDT WARSAW, June 4 (Reuters) - Troubled Polish builder PBG filed for bankruptcy protection on Monday only days before the start of the Euro 2012 because of problems related to road and stadium contracts built for the soccer tournament. PBG shares tumbled 13 percent immediately after the announcement. "The reason for the bankruptcy filing is the difficult liquidity situation resulting from capital-thirsty road contracts, lack of total payment for the contract on the National Stadium and the dragging talks with banks over securing financing," PBG said in a statement. (Reporting by Adrian Krajewski)

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