The race is on to resolve a two-year sales process of Polska Telefonia Cyfrowa, eastern Europe's largest mobile phone operator, after one if its shareholders said it needs to exit.

Elektrim, a Warsaw-listed holding company, is hoping to sell its 51% stake in Polska Telefonia to help repay bonds. Elektrim defaulted on repayment of a €479m ($584m) convertible bond two years ago. Trigon, a Polish corporate finance boutique, is advising it.