Energy Minister Krzysztof Tchórzewski confirmed on Friday in Katowice possibility of partial sale of selected subsidiaries JSW Coal Company (JSW). He emphasized that this is not yet a foregone conclusion.
– They made various attempts; we will probably have to make a partial sale of parts of its subsidiaries; it is still difficult to anticipate – PAP said the minister, who on Friday afternoon will meet with management and the social side of JSW.
The difficult situation
ZR & oacute; DLO: PAP / Leszek Szymanski net loss JSW in 2015. – more than 3.1 billion zł; Allowances for 2.83 billion zł
The net loss JSW at last. year exceeded 3.1 billion zł; n … see more »
Tchórzewski admitted that the situation JSW is difficult, because – as he said -” did not stop the price of coking coal; They are falling; restructuring is progressing, “- he said. The Minister assured the energy that is in contact with the management and the social side JSW – hence including scheduled for Friday meeting.
– The Board is currently working on solutions that will want to present the crew – the minister said.
JSW, which specializes in the production of coking coal, touches the difficult situation coal sector. At the beginning of 2015. The company implemented a restructuring program, assuming, among others, reduce costs and improve efficiency. In January, Deputy Minister of Energy Grzegorz Tobiszowski signaled, however, that the recovery plan JSW requires verification, because the assumptions in the last year have become obsolete due to the deterioration of the market situation.
How to help?
According to the Deputy Minister of JSW needs more than 1 billion zł capital, which could gain from the sale of shares in its assets. In early February Tobiszowski announced that the restructuring measures and investment in JSW have come among from investors who want to engage in group companies. He assured that the State Treasury will retain control over the assets.
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Among the assets that could help JSW in obtaining funds, Deputy Minister exchanged Koksownia Friendship in Dabrowa Mining, Wałbrzyskie Coke plant and Victoria Hawks Energy Company ( SEJ). In the first two entities, in the case of ties with the investor, JSW would retain majority stakes; in SEJ most can be an investor, but with a dominant share of the Treasury.
1 December 2015 r. JSW reached an agreement with its bondholders ws. negotiable scenario of debt restructuring and the conclusion of the restructuring agreement by 30 June 2016. This gave the company seven months to work out a restructuring agreement – this time among bondholders pledged to continue to refrain from the exercise of its rights arising from the possibility of a request early redemption of the company.
Last week, JSW said its net loss for the previous year exceeded 3.1 billion zł; the outcome significantly affect deductions for assets carried at more than 2.83 billion zł. As for the write-downs, for updating assets in the segment of coal, coke and energy.
The company said that in the last months of 2015. There was a further fall in the prices of coking coal in the world, as reflected in our financial results for the the fourth quarter of 2015. Past austerity measures and optimization paying off, but at the expense of JSW influence continues to dramatically low levels of benchmarks – According to information from JSW.
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