Hortex to conduct zl. 200 million bond issue to finance restructuring plan

Hortex to conduct zl. 200 million bond issue to finance restructuring plan Fruit processing company Hortex will conduct a zl. 200 million bond offering to finance its restructuring. The issue will likely take place next month and will be directed at the company's shareholders, including Bank Gospodarki Zywnosciowej (BGZ), Bank Handlowy, and Bank of America. Hortex president Wojciech Madalski says Hortex's financing plan will also include a zl. 115 million loan and a zl. 160 million commercial paper offering. Madalski also said that Hortex is close to completion of its restructuring plan, which caused the company to record a loss of over zl. 160 million last year. According to market research company AC Nielsen, it had also cost the company its leadership position on the fruit juice market. AC Nielsen says in July and August Hortex had an 18% share of the market, with its chief rival, Maspex, holding a 19.3% share. Madalski questions this data, saying AC Nielsen focuses too much on hypermarkets and not enough on small retailers, meaning that its results do not reflect actual consumption. (Puls Biznesu, page 4)