JSW to improve its financial situation by June 2016
19:26
"Listed coal miner Jastrzębska Spółka Węglowa (JSW) should exit its current financial predicament by May-June," deputy Energy Minister Grzegorz Tobiszowski announced.
"We continue JSW restructuring, cost cutting, and indeed, after recent meetings, we are starting to make ends meet. I hope we will make it by June, as we have a June deadline," Tobiszowski said of the deal with bondholders.
Earlier, the Minister of Energy, Krzysztof Tchórzewski, confirmed the probability of the partial sale of JSW subsidiaries. To rescue liquidity, JSW started a fire sale of selected assets, including coke plants and its power unit.
JSW is Poland's largest coke producer. In 2015, the company recorded a PLN 3.1 billion net loss, of which PLN 2.83 billion was due to impairments.
