Polish builder Polimex sells assets worth more than $35 mln
WARSAW Nov 2 (Reuters) - Poland's troubled construction group Polimex has agreed to sell real estate assets and stakes in one of its companies for over 110 million zlotys ($35.35 million), it said in a statement.
Polimex previously said it would raise about 200 million zlotys from selling real estate by the end of the year.
Polimex was one of the main casualties of a road construction boom that left many builders saddled with debt after they underestimated their own expenses and rising prices for materials.
Polimex clinched a deal nearly a year ago under which state agency ARP injected 150 million zlotys to gain control of the company and banks agreed to convert some debt into equity and gave it until the end of 2016 to pay off the remaining 144 million in bonds.
But Polimex failed to meet some of the financial conditions of the deal, forcing it to renegotiate. It then agreed to sell off some real estate and non-core assets to get at least 600 million zlotys. ($1 = 3.0920 Polish zlotys) (Reporting by Karolina Slowikowska; Editing by Robin Pomeroy)