ING BSK demands debts from Huta Czestochowa steel plant

APA - Austria Presse Agentur
18-05-2005, 13:44

Warsaw (Puls Biznesu) – According to restructuring plan of Huta Czestochowa (HCz) steel plant, its creditors should change PLN 800 m (EUR 190.4 m) of debts into shares, which will be sold to investor.

Warsaw (Puls Biznesu) – According to restructuring plan of Huta Czestochowa (HCz) steel plant, its creditors should change PLN 800 m (EUR 190.4 m) of debts into shares, which will be sold to investor. After Mittal Steel was refused to hold negotiations and Ukrainian Donbas started talks with HCz owners, ING Bank Slaski lost patience and put PLN 32 m of credits (plus PLN 27 m of interest) for sale. The restructuring agreement providing for debts’ sale is valid till August 7th. ‘ING is the only creditor to choose this way. This, however, should not influence the sale’, Tadeusz Wenecki, Towarzystwo Finansowe Silesia CEO said.

‘We need two options. The restructuring process of the steel plant is becoming longer and longer. Therefore, we do not exclude the sale of the debts. If restructuring goes quickly and there are chances it will be finalised, we are ready to further take part in this process’, Jacek Baranek from ING BSK said. The decision is surprising as the creditors have been waiting for their money for two years now. When Donbas was admitted on Monday to hold talks, it seemed that everything will go faster. The Ukrainian company should agree the price till tomorrow and end negotiations till June 17th. Waclaw Korczak, HCz CEO, admitted however, that some officials and workers would prefer the steel plant to remain a state-owned-enterprise, which means that ING BSK is right.

(PLN 1 = EUR 0.238)Poland/Enterprises/Metals and Mining/Privatisation

 

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Podpis: APA - Austria Presse Agentur

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