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Polimex in debt restructuring talks
WARSAW, July 12 |
WARSAW, July 12 (Reuters) - Polish construction company Polimex is in talks with creditors to extend debt deadlines and, possibly, issue bonds.
Polimex said on Thursday it wanted a four-month delay in repaying some liabilities and would use the time to improve the conditions and terms of its financing.
Like many constructions firms, Polimex is facing financial troubles after a bidding war for contracts to build roads ahead of the Euro 2012 soccer championship that Poland co-hosted with Ukraine.
Construction companies employ 800,000 people and make up around 6 percent of the country's gross domestic product (GDP). More than 100 smaller companies have gone bust this year.
Polimex also said on Thursday it signed a 379 million zloty ($111 million) construction deal with PKN Orlen, the country's top oil refiner. It will set up an installation for denitrating and removing dust from flue gas produced by PKN's combined heat and power unit. ($1 = 3.4035 zlotys) (Reporting By Karolina Slowikowska; Editing by Dan Lalor)
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