POLISH COAL MARKET MIDWEEK SUMMARY 35/2016

Jastrzebska Spolka Weglowa finally signed the agreement with its creditors: banks (PKO BP and BGK) and insurance companies (PZU SA and PZU na Zycie). The total sum of bonds that had to be paid is 700m PLN and 163.75m USD. New agreement reduces that amount and prolongs the period of repayment for 5 years, till 2025.

Some people never learn. The whole plan of saving PGG with public aid (money coming from investors, who are in fact state-owned companies) is at risk of being questioned by European Commission, but Grzgorz Tobiszowski consequently does the same thing with Katowicki Holding Weglowy, as he announced that the third investor in PHW will be TF Silesia.

Not many people really knows what in fact Kompania Weglowa is doing at the moment (since its base-operation facilities were moved to PGG), so some politicians already asked Ministry of Energy. Meanwhile, the Silesian leftovers just picked new CEO and his deputy. From now Leszek Słabon and Krzysztof Kozik will be doing God-knows-what in the company, that not so long ago used to be the largest hard coal producer in EU.

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