CEDC and State Treasury hope to toast deal next week

The Treasury had given extra time to CEDC time to conduct exclusive negotiations over the deal. "The basic parameters of the social package for the employees have been agreed upon. The terms were accepted by both sides. The document should be signed by July 15," said Sergiusz Gwoździej, member of board at Polmos Białystok, who refused to reveal the details of the agreement. However, CEDC president William Carey disclosed that the company has agreed to a 10 year employment guarantee and privatization bonuses worth 10 times an employee's wage. The investor is still awaiting the green light from the Competition and Consumers Protection Office (UOKiK). It was also revealed yesterday by Reuters that CEDC is planning an issue of 7 year bonds worth a total of EUR300 million. Most probably part of these funds will be earmarked for the purchase of Polmos Białystok. (Parkiet, p. 3) A.K.