Another coal company has its major debts written-off

Katowicki Holding Weglowy (KHW), one of two state owned coal companies which remained independent of the newly created large state-owned holdings, made use of Minister Kolodko's restructuring plan for the coal industry and managed to get rid of its debt. "Our petitions were approved by the tax office and the Social Insurance Administration. Our debt of zl. 1.4 billion will be written off," said Maksymilian Klank, the director of KHW. In order to qualify for the restructuring plan, the company had to pay a zl. 14.6 million restructuring fee to the Ministry. The coal producer will have its liabilities cleared if it manages to pay all its liabilities on time for a period of one year. Nine coal mines which make up the holding recorded net profits of zl. 64 million last year on revenues of zl. 2.6 billion, whereas in 2001 they posted losses of zl. 217 million. KHW is also looking for new markets by producing stove coal for modern boilers and ecological coal - Ekoret. (Puls Biznesu, p. 6) A.K.