State-owned utilities to finance PGG coal group

On Tuesday, coal group PGG signed an agreement with the largest coal company in Poland and Europe – Kompania Węglowa (KW). The agreement was the last stepping stone needed for PGG to start its operations. It will be funded by state-controlled utilities.

Locked content Banks may convert PLN 500 mln of KW coal mine debt into equity

“Banks could convert up to PLN 0.5 billion in coal mine KW debt into equity,” said deputy Energy Minister Grzegorz Tobiszowski. According to the minister, the conversion would affect a third of KW’s debt versus banks, including BZ WBK, BNP Paribas, PKO BP, BGK and Alior. “Tal...

Locked content KW mine creditors may agree to partial debt-to-equity conversion

Grzegorz Tobiszowski, a deputy energy minister, told reporters that creditors of ailing state-owned coal mine Kompania Weglowa may convert part of its debt into equity. “We see a possibility that the five banks, which are KW’s debtholders may convert a part of the debt into a KW stake,&#...