KW faces bankruptcy if its staff goes on strike

opublikowano: 18-01-2007, 10:24

Warsaw (Puls Biznesu) – The management of Europe’s biggest coal group warns the miners that if they strike, they will lose the chance for PLN 200m (EUR 51.4m) of credit. The group faces bankruptcy.

Warsaw (Puls Biznesu) – The management of Europe’s biggest coal group warns the miners that if they strike, they will lose the chance for PLN 200m (EUR 51.4m) of credit. The group faces bankruptcy. 

Today, 122,000 Polish miners vote whether to go on strike on January 24th.

“I’m sure that the majority of miners will approve of the strike”, Dominik Kolorz, the head of Solidarnosc trade union said.

The fate of Kompania Weglowa (KW) depends on the referendum. The company had over PLN 60m of net loss last year.

“Protests will adversely affect the financial situation of the company. We estimate that two days of strike will generate over PLN 90m of losses, i.e. more than was generated in the whole 2006. This could be a reason to go bankrupt. The management will file a suit within a fortnight in case of the strikes”, Artur Kosinski, KW deputy CEO said. 

“KW should have already gone bankrupt. Talking about losses generated by the protests is a schizophrenia. One should see how the company has been managed in the last 12 months”, Dominik Kolorz replied.

KW management is trying to get about PLN 200m of a bank credit. 67,000 employees of KW will lose most if the bank refuses to give the credit because they won’t get their additional wages due in January.

(PLN 1 = EUR 0.257)

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