Ciech took another step to ensure long-term financing and keeping commitments of banks that finance its group.
On 13 August 2009, the Management Board of Ciech together with its subsidiaries contacted with a group of banks that finance activities of the Ciech Chemical Group. As part of the agreement, restructuring of derivative instruments was made as well. The banks will keep status quo as regards financing of the Group and promised that concluded agreements and the level of financing would remain in force.
The banks will abstain from enforcing repayment of financial liabilities of Ciech and its subsidiaries, and obliged themselves not to terminate or break agreements. At the same time, the banks that gave credits will still make the existing operating credits, security credits, credits- letters of credit accessible to the Ciech Group.
The said actions are considered as a next step in the process aiming at ensuring the long-term financing of the Ciech Chemical Group and keeping commitments of banks that finance the Group.
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press release download:  Press_release_2009_08_14.pdf |
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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 |