State to support Polimex-Mostostal

State-owned Industrial Development Agency (ARP) will support bankrupt construction firm Polimex-Mostostal, Dziennik Gazeta Prawna reports. An agreement will likely be signed before the end of this month. In order not to breach EU rules on state support, the ARP will only buy bonds issued by Polimex-Mostostal for PLN 85 million. It currently holds 300 million out of the firm’s 1.4 billion shares after a transaction carried out more than a year ago. Polimex-Mostostal will need support to be able to carry out its restructuring plan. The company is talking to its creditors about the reduction of liabilities. It recently sold its subsidiary Torpol in an IPO to improve its financial situation.