Shares-for-debt deal brings hope for troubled Glimar

The value of the issue will amount to zł.15 million. Glimar, which currently employs 500 people, recorded a net loss of zł.17 million until the end of October. The refinery's operations are maintained only thanks to state's financial support. Last year Glimar received a capital injection from NP and the State Treasury totalling zł.60 million. According to a recent agreement between the state and NP, Glimar together with refineries in Jasło and Czechowice, as well as the Petrobalic oil extraction company are to become a part of Grupa Lotos, which in turn is planning its IPO next year. According to NP's data Lotos has secured zł.60 million this year to support Glimar's operations. (Puls Biznesu, p. 6) A.K.