KW agrees framework restructuring plan

Poland’s largest mining group Kompania Węglowa (KW), which is experiencing financial difficulties, said on Thursday that it has prepared the framework of its 2014-2020 restructuring plan. The main goals are to rebuild own capital by 2016 and to increase efficiency in 2017-2020. The plan will include changes in the company’s organization, obtaining financing from outside sources and changes in the shareholder structure, the statement read. KW’s management also vowed to protect employees as much as would be possible. The company will focus on optimizing the mining process and on production in areas that provide the highest profitability rates. The scheme includes plans to consolidate KW’s subsidiaries and to build a power plant and a coal mine in the Lublin coal area.