Ciech Group continues to reorganize its debt structure. After abandoning the violation of the terms and conditions of the loan agreement for the purchase of shares at ZCh Organika-Sarzyna (August 5th, 2009) and negotiating terms and conditions of the agreement on the maintenance of status quo (signed by banks financing Ciech Group on August 14th, 2009), another milestone, this time in the German subsidiary company, has been achieved.
On August 19th, 2009, Soda Deutschland Ciech reached an agreement with Commerzbank on the abandonment of violation of financial indices of the EUR 75 million loan agreement concluded on January 23rd, 2008. Commerzbank will continue to be involved in Soda Deutschland Ciech and undertook not to terminate the entire or any part of the loan agreement. The agreement shall remain in force until October 30th, 2009.
The declaration of Commerzbank is a stage of adjustment of the debt of the German company to the changed market conditions. The purpose of the activities is to maintain a long-term involvement of the bank and ensure a stable financing source for the company. The process is to be completed by the end of October 2009. – said the President of Ciech SA, Ryszard Kunicki.
Soda Deutschland Ciech is a 100% subsidiary company of Ciech SA. In 2008, its sales revenues accounted for PLN 354 million. Sodawerk Strassfurt owned by the company may produce 600 thousand tonnes soda ash a year.
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press release download:  Commerzbank declares further involvement in financing Soda Deutschland Ciech |
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Ciech Chemical Group is the largest chemical concern in Poland and one of the leaders in the Central European market. It includes more than 30 companies, it is among one hundred largest economic organizations in Poland. The main Group’s products include soda Ash (second place in Europe), salt, phosphorus and multi-component fertilizers, epoxy resins and other organic chemical products used in the glassmaking industry, furniture industry, building industry and agriculture. With annual revenues of approximately PLN 3.8 billion, the Ciech Chemical Group is among one hundred largest Polish enterprises (49th position on “Lista 500” prepared by Polityka weekly magazine and 59th position on “Lista 500” prepared by Rzeczpospolita daily in 2007). As from February 2005, Ciech SA has been listed at the Warsaw Stock Exchange. The greatest shareholders of the company include the State Treasury (36.68 percent of shares and votes at the General Meeting of Shareholders), Pioneer Pekao Investment Management SA (18.77 percent) PZU "Złota Jesień" Open Pension Fund (6.12 percent). You can find more information at www.ciech.com
Media contact:
Krzysztof Grad, Spokesman of Ciech Chemical Group, Director of Communication Office of Ciech SA,
tel.: (+48 22) 639 13 18, mob.: 0 669 600 011, e-mail: krzysztof.grad@ciech.com |