Poland “determined” to merge KHW with PGG by March

Deputy Energy Minister Grzegorz Tobiszowski, said that the government is “determined” to carry out the consolidation process of troubled state-owned miner KHW with its peer PGG by the end of March. “We can't allow KHW to become insolvent to both its employees and contractors,” Tobiszowski said. Additionally, the treasury will capitalize the new group with some PLN 1 billion, according to the Energy Minister Krzysztof Tchórzewski. KHW has unpaid matured bonds worth over PLN 1 billion. The draft agreement on the merger is to be presented to the KHW staff on Thursday, the official added. The rescue plan will have to be approved by the European Commission.