TFS – A HERO BEHIND NKW’S RESCUE MISSION

Towarzystwo Finansowe Silesia, established and provided with cash almost 15 years ago by Ministry of Treasury to save Polish steel sector, today is considered as a governmental instrument of stimulating economic growth by industrial development. Success achieved on steel industry field gives coal producers hope for better tomorrow, since TFS is today the key element in Nowa Kompania Węglowa project (right behind Węglokoks).

TFS involvement in restructuring certain companies is connected with granting sureties, guaranties and collaterals, regulating purchases and sales of liabilities and capital initiatives. Since 2001 the company was involved in successful restructuring projects of i.a.: Zakłady Koksownicze Zdzieszowice (coke plant), GZB Centrostal Bydgoszcz (steel materials distributor), Huta Katowice and Huta Stali Częstochowa (steel mills). Selling companies to investors were both profitable for TFS (after significant cash inputs for improvements) and for companies themselves, since investors were turning them to golden geese (or at least economically viable hens).

According to the new plan for NKW presented last week by MoT, government will move part of its shares in PGNiG, PGE and PZU to TF Silesia, so TFS will be able to take out a loan and co-finance (with Węglokoks and FIPP) the rescue mission for the largest coal producer in EU.

Andrzej Czerwiński (Head of MoT) declared that this strategy was a subject of analysis for months now, and since the plan of involving energy groups was a failure they had to put it into action. Czerwiński also stated that moving the shares of PGNiG, PGE and PZU was a one-time deal only and now he expects for Nowa Kompania Węglowa to start profitable operations if not by the end of the year, then at least in the Q1 of 2016.

Advertisements