Pfeifer und Langen, the third largest sugar producer in Germany and which bought the five refineries in the Kalisz - Konin group in August, is preparing a plan to pay back the debts of the group. However the investor is not prepared to lay out in one go the nearly PLN250m that is owed. The Germans are hoping to restructure the debt which will see part of it written off.
Janusz Pierun, representative of PL says that his company did not borrow this money and therefore will not pay it back other than that which is in the privatisation agreement. This sum comes to PLN50m and the refineries have received this money in the form of increased capital.
The banks clearly are none too happy about this deal after bailing the refineries out for many years. They say that they will not come to any deal. Creditors include Bank Handlowy, Bank Rozwoju Cukrownictwa, Bank Gospodarki Żywnościowej and Bank Przemysłowo-Handlowy. BRE Leasing is also owed PLN23.5m.
One bank is claiming that not only the investor but also former treasury ministry Aldona Kamela-Sowińska told the press as recently as last August that all the debts would be paid.