PGG is alive due to 12 Polish coal companies & banks

Today in Katowice, coal group PGG has signed an agreement with the largest coal company in Poland and Europe - Kompania Węglowa (KW), in terms of renewing PGG's activity. Polish Prime Minister Beata Szydło and Energy Minister Krzysztof Tchórzewski attended the solemn meeting. Twelve investors have signed the list of intention to recapitalize PGG in the amount of PLN 2.42 billion, among others KW, PGE Górnictwo i Energetyka Konwencjonalna (PGE GiEK), Energa, PGNiG Termika, Węglokoks, Fundusz Inwestycji Polskich Przedsiębiorstw (FIPP), Towarzystwo Finansowe Silesia, Alior Bank, Bank BGŻ BNP Paribas, Bank Gospodarstwa Krajowego, Bank Zachodni WBK, and PKO Bank Polski. According to it, PGE GiEK, Energa and PGNiG Termika will invest PLN 500 million; TF Silesia - PLN 400 million; FIPP - PLN 300 mln; and Węglokoks PLN 217 million. In contrast, banks along with Węglokoks declared the acquisition of new PGG bonds for the amount of PLN 1.37 billion, as a result of the refinancing of the current KW bond program.