Leading chemical plant negotiating financial reprieve

The Police Chemical Plant (ZChP) is currently in negotiations with banks Peakao, PKO BP, and Bank Gospodarstwa Krajowego about the future of the enterprise. Bank Pekao recently announced plans to suspend financing the company's operations unless zł. 63 million is repaid before the end of September. In a surpize move the bank agreed to cut ZChP's August repayment installment of zł. 11 million by half. Both sides have declared their readiness to negotiate further. ZChP president Krzysztof Żyndul said, "The bank positively rates our current situation". According to rumors, Bank Pekao is now considering transforming the current overdue amount into a new credit line. The chemical producer currently needs zł. 150 million to continue trading. (Puls Biznesu, p. 8) A.K.