PGG-KHW merger approved by labor unions

All labor unions at Katowicki Holding Węglowy (KHW) have approved the merger with Polska Grupa Górnicza (PGG). “We have an agreement. This opens a new, very important stage: talks with subsequent stakeholders,” deputy Energy Minister Grzegorz Tobiszowski said. Talks with investors have already started, while the talks with the banks will be launched this week. The approved agreement, stipulates terms of employment for KHW workers after the merger, when their contracts will be taken over by PGG. All employees have been The merger will incorporate KHW into PGG in order to save the fledging company. KHW has unpaid matured bonds worth over PLN 1 billion. The new, enlarged PGG will require PLN 1 billion in recapitalization.