Steelworks finds debt agreement

Alan Heath
10-05-2001, 00:00

Steelworks finds debt agreement

Huta Częstochowa steelworks has come to an agreement with its creditors. In return for reducing its debt companies will receive stocks whilst the banks have agreed to longer repayment terms.

Huta Częstochowa is completely owned by the state although it could soon receive extra capital from central government in the form of shares of another public company.

There are 2,470 people employed in the steel mill although around one hundred jobs will go in the near future as part of a restructuring drive.

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Podpis: Alan Heath

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