Impexmetal looks for zl. 700 million to pay its debts

Impexmetal, a metallurgical group quoted on the Warsaw Stock Exchange (WSE) is trying to find a means of cutting its zl. 700 million debt. Even though the company is not on the verge of bankruptcy, their situation is not comfortable as deputy chairman of Impexmetal Krzysztof Adamski explained to Puls Biznesu. The company will try to persuade banks to convert its debt from zlotys into foreign currencies and negotiate converting it to long-term debt. They also want to restructure the group by consolidating it in order to implement central management to make their investments more effective. The group, which suffered a zl. 33 million loss last year, desperately needs to improve its financial performance. Planned investments of zl. 120 million, will have to be cut by 50%. Impexmetal's core activity will remain copper and aluminum as decided by the former management board. Impexmetal hopes to gain up to zl. 170 million from the sale of companies operating outside this field. (Puls Biznesu, pp. 1, 4) A.D.