Archive for the ‘Freightliner’ Category

Rafał Milczarski quits Freightliner PL

Friday, 20 September 2013

rafal_milczarski-2

Rafał Milczarski at a recent ZNPK press conference. Photo ZZKSL.

Rafał Milczarski and Emil Dembiński, the Chairman and Vice Chairman respectively, of Freightliner PL announced yesterday that they are leaving the company in order to enter politics. Milczarski and Dembinśki were the founders of Freightliner PL, having previously worked together in Kolej Bałtycka SA.

After attending VI L.O. im. Jana Kochanowskiego in Radom, Milczarski won a scholarship to Downside School in England and then went on to study at Cambridge University. Milczarski returned to his home country ‘because he wanted to be involved in building a better Poland’ after the collapse of communism in 1989.

Milczarski was heavily involved in campaigning for a better deal for Poland’s railways, and for fairer treatment by PKP and the Polish government for the new generation of railway operators. He was the founder of the Association of Independent Railway Operating Companies (ZNPK) and also one of the people instrumental in setting up the “Pro Kolej” Foundation.

Rafał is succeeded in the post of Chairman by Konstantin Skorik, European Business Development Director Freightliner Group, formerly an Operations Officer with the World Bank.

Freightliner PL in profit…

Saturday, 7 July 2012

…BTWT issues apology.

Freightliner PL leaflet. Photo Grafixpol.

On Wednesday 28 March 2012 we published an article ‘Freightliner PL to be sold‘ in which we stated that the company ‘has yet to make a profit’ and may have given the impression that the company’s owners might be forced to sell at a ‘garage sale price’. We now accept that Freightliner PL is profitable, that there is no possibility of a quick sale of the company at a knocked down price and that although a sale at some stage is likely – its principal owners Arcapita Inc are in the business of buying and selling companies – it will not take place according to the distressed sale timetable suggested by the article.

We make an unreserved apology to Freightliner PL.

The article was based on information in the public domain about the financial status of Freightliner PL’s principle owner Arcapita Inc and information about Freightliner PL’s financial results supplied by one of our trusted sources. What we had not factored in was that – in an effort to divert business away from Freightliner – one of Freightliner PL’s principle competitors was spreading misleading information about Freightliner PL’s profitability. We should have checked this information; we did not, and we accept full responsibility for the mistake.

Freightliner PL to be sold

Wednesday, 28 March 2012

This story was written in good faith, but based on inaccurate information supplied to BTWT at the time. We withdraw unreservedly the comment that Freightliner PL ‘has yet to make a profit’ and that any suggestion that its owners may be looking for a quick sale.

Freightliner PL Class 66 front ends. Photo Freightliner PL.

Freightliner PL, the Freightliner group’s foray into mainland Europe, is to be sold. The move follows the company owners, Arcapita, filing for Chapter 11 on March 19. Arcapita formerly known as First Islamic Investment Bank listed assets of $3.06 billion and liabilities of $2.55 billion.

Freightliner PL, was always going to be a long-term project. The company invested heavily in new locomotives and rolling stock and has yet to make a profit. Currently Arcapita needs cash urgently. The bank is under siege from hedge funds who have bought into its debt.

The million dollar question is – who will be come forward to purchase Freightliner PL and at what price. The result will be a good indicator as to what PKP SA can expect to raise from the forthcoming privatisation of PKP Cargo?

One obvious contender would be DB Schenker, though some analysts would say that by building up its road fleet DB Schenker is hedging its bets regarding its rail operations in Poland, and would be unlikely to make a bid for Freightliner PL unless at garage sale price.

In fact Freightliner PL is profitable. BTWT has published an unreserved apology to Freightliner PL. [updated 7.7.2012]