Kompania Węglowa to sell mines in rescue plan

Poland’s biggest coal mining firm Kompania Węglowa (KW) will sell four unprofitable mines to distributor Węglokoks for PLN 2.5 billion as part of its rescue plan, according to sources quoted by Puls Biznesu. The deal is expected to be carried out in the first quarter of 2015. Węglokoks wants to restructure the acquired mines and hopes that they will add to its stability. Another part of KW’s rescue plan, already approved by the firm’s supervisory board, is the issue of eurobonds worth €400 million. BNP Paribas and Deutsche Bank have been hired to manage it.