Orlen begins to get a grip on the debts of its latest acquisition

Oil giant PKN Orlen which has bought Unipetrol, the Czech national oil company, has discovered that the company is deeply indebted to the tune of several hundred million dollars. PKN Orlen has started negotiating with Czech banks to restructure the debts. At the beginning of next week, Orlen will make an advanced payment of about USD 50 million on behalf of Unipetrol. The Polish company has indicated that Józef Woźniakowski, an ex treasury minister, is top of the list of its candidates to become the new president of Unipetrol. (Parkiet, p. 5) J.J.