Sugar debt solution proposed

Alan Heath
28-11-2001, 00:00

Nicom, a consulting firm working for the German Pfeifer und Langen (PuL), has opened negotiations with the creditors of the Gniezno sugar refinery. The Germans bought the refinery earlier this year but had the unpleasant surprise of being landed with huge debts.

Nicon has proposed Bank Handlowy a forty percent reduction in debt with interest reduced to zero. It would seem that Bank Handlowy is unlikely to accept this deal and will try to negotiate an improved offer. Janusz Pierun, who represents PuL in Poland, has said that Gniezno’s debts are over PLN100m. PuL paid the treasury PLN250m for the purchase of five refineries in the summer but the privatisation agreement states that the Germans are only to pay PLN50m to creditors. Creditors, which include banks such as Bank Handlowy, BRE, BGZ, BRC and BPH however say that they will not negotiate.

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Podpis: Alan Heath

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