Cyfrowy Polsat to start talks on refinancing its debt

Cyfrowy Polsat, Poland's largest media group, has initiated talks with lenders to refinance its outstanding debt, the group said late on Thursday. The group, controlled by Polish media mogul Zygmunt Solorz-Zak, said in April that it was considering refinancing all of its debt worth 13 billion zlotys ($3.5 billion) to simplify its structure. Cyfrowy had said that it wanted to make use of what it called a beneficial situation on the financial market, planning for its future debt structure to be based mainly on zloty-denominated loans and Polish obligations.