PKP to sign deals with various vendors for loans to cover off mounting debts
Polish State Railways (PKP) is on Aug. 9 expected to sign a deal for a loan
of zl. 300 million from a consortium of local banks. Unlike previous ones,
the latest loan is guaranteed not by the government but by the European Bank
for Reconstruction and Development (EBRD). PKP in September will target
another group of lenders to provide it with a further loan of zl. 1.5
billion. The loans will be used to pay off arrears to the Social Insurance
Company (ZUS). In the first six months of this year, PKP liabilities have
soared to zl. 6.28 billion of which zl. 1.94 billion are debts that are due.
PKP further owes zl. 218 million in unpaid value-added tax (VAT) to the
Treasury. PKP president Krzysztof Celinski is confident that a lot of banks
will be willing to lend his company more money as the ambitious
restructuring plan approved by the Sejm guarantees good times ahead. (Puls
Biznesu, page 3) S.M.
