WARSAW Dec 22 Polish builder Polimex
has finalised a debt restructuring deal with creditors, the
treasury ministry said, under which state industrial agency ARP
will acquire a stake and two seats on the board.
Polimex, a leading construction group that is also involved
in major state energy contracts, ran into trouble earlier this
year after a road-building bonanza left many builders saddled
with loss-making contracts and huge debts.
"The successful completion of financial restructuring
confirms that the engagement of the state was justified,"
Treasury Minister Mikolaj Budzanowski said in a statement.
It was not clear exactly how big the ARP stake would be.
Earlier this year ARP said it would take up to a third of the
shares in Polimex, becoming its largest
Polimex said in November that a deal with creditors would
include a share issue of at least 250 million zlotys ($80.72
million) by the end of the first quarter of 2013 and a
conversion of bonds into another 250 million zlotys of new
Polimex is part of a consortium building two 900-megawatt
coal-fuelled units in Opole and a 1,075 megawatt coal-fired unit
in Kozienice. Budzanowski said these projects would go ahead
without any obstacles.
Polimex said in a separate statement late on Friday that it
had called a general shareholders' meeting for Feb. 15.
Draft resolutions for the meeting propose including two
representatives from each of ARP and bank PKO BP, one
of the company's main creditors, on its supervisory board, which
would be extended to seven members.
($1 = 3.0973 Polish zlotys)
(Reporting by Marcin Goettig, Editing by Mark Trevelyan)