Reuters: Bankruptcy News: Budimex down 6pct after railway unit files for bankruptcy

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Budimex down 6pct after railway unit files for bankruptcy Aug 24th 2012, 07:55 WARSAW | Fri Aug 24, 2012 3:55am EDT WARSAW Aug 24 (Reuters) - Shares in Polish construction group Budimex fell more than 6 percent after it announced on Friday that its railway-building arm PNI has filed for bankruptcy. Budimex, controlled by Spain's Ferrovial, bought PNI From Poland's state railways last year for 225 million zlotys ($69.24 million). In June it wrote down 182 million zlotys of the unit's value. Shares in Budimex fell 6.4 percent to 47.62 zlotys by 0752 GMT, their lowest level in more than five years. Polish builders have suffered financial troubles after bidding wars for deals to build roads and motorways ahead of the Euro 2012 soccer tournament left them with loss-making contracts. PBG filed for bankruptcy protection earlier this year, while Polimex-Mostostal is seeking state aid after winning a temporary reprieve from debt payments. ($1 = 3.2494 Polish zlotys) (Reporting by Adrian Krajewski; Editing by David Goodman)

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