Banks worried about chemicals

Alan Heath
13-05-2002, 00:00

Nine banks which are crediting companies in the heavy chemicals sector are worried about what is happening in the industry. The four largest businesses are not only losing money at present but are also seriously in debt. Nafta Polska, which is responsible for restructuring the sector is trying to allay fears.

The chemical works at Kędzierzyn and Tarnów are in the most difficulty. Both firms have noted high losses and are well in the red. The banks do not know who will guarantee these debts when it is clear that deep restructuring is required. The subject of negotiations with Maciej Gierej, the head of Nafta Polska, have not yet been made public.

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