PKP does not want steel shares
Restructuring of the PKP is gaining speed and next month should see a further five companies hived off from the main structure.
In the next few days it should be getting the third part of a EBRD credit to the tune of EUR100m with a USD150m credit coming from the World Bank in April. This money is to be used for reducing employment from 168,000 at present to 145,000. A further credit of PLN700m is now under individual negotiation with several banks and rail boss Krzysztof Celiński expects to get his hands on the cash by the beginning of April.
Whereas results for last year are not yet known, it is expected that operating losses will be around PLN2.1bn and debts will be over PLN7.1bn. Despite its own difficult situation it is not showing any mercy to its debtors and has said that it will not accept shares instead of cash for money that is owed to it by the Katowice, Sendzimir and Częstochowa steel works nor the Przyjaźń and Wałbrzych coke works.