Only one bank to go

Alan Heath
03-07-2001, 00:00

Only one bank to go

Pol-Mot Holding, which as from the beginning of 1 June is the strategic investor in Daewoo Motor Polska is trying to get over the last barrier in restructuring the debt of the commercial vehicle manufacturer which stands at USD93m.

It has come to an agreement with seven creditor banks, BPH, BIG BG, Kredyt Bank, Pekao SA, LG Petro Bank, BISE and BHW. It has now got one month to come to an understanding with the remaining bank, Bank Zachodni WBK.

Pol-Mot wants the banks to agree to accepting no loan repayments for three years and no interest payments for the next year.

The agreement with the banks is necessary so that the Lublin based company can get a USD130m credit guarantee from the government.

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