ZA Kędzierzyn begins debt reduction talks

Zakłady Azotowe Kędzierzyn is fighting for survival. The company started negotiations with banks, in an attempt to restructure its debts that amount to zł.500 million. This would allow easier privatization as well as new investments and development. "The talks are really difficult. We are trying to negotiate debt reduction and to replace its old loans with new ones on more favorable terms. We hope we will reach a compromise," said Jerzy Majchrzak, the president of ZA Kędzierzyn. Beata Kruczek, ING Bank Śląski's spokeswoman assured that negotiations are drawing to a close and the outcome will be favorable for all sides. ZA Kędzierzyn's most pressing problem is that the company made a prior settlement with its creditors back in 1999, and it still has to pay about zł.40 million by the end of June. Fortunately, ZA Kędzierzyn close the first quarter with a profit of over zł.30 million. (Puls Biznesu, p. 5) D.W.