Deputy Minister of Energy Grzegorz Tobiszowski believes that by June of this year Jastrzębska Coal Company (JSW) to stabilize its situation and meet the requirements of the agreement with the banks. In his opinion, the company built for the construction of a repair is real and consistent business.
We are continuing the process of restructuring JSW, reduce costs, and in fact, after the last meeting, we begin to balance. This is good news Deputy Minister said during the Thursday meeting with journalists in Katowice.
I hope that we will be ready by June, because we have a deadline in June ( resulting from the agreement JSW for bondholders – PAP); We try to accelerate some aspects of coal sales to be on time with certain obligations. I think that the period of May-June for JSW should be a period of recovery from this difficult situation – rated Tobiszowski.
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 us 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.
A draft recovery program for the company, whose founding – as recalled on Thursday Tobiszowski – had to be verified, however, because of a further drop in prices of coking coal at the turn of the year. Later – as he said there was a twitch of the price, so there are no further declines.
Price declines – the Deputy Minister added – also contributed to the decline in the value of assets on which is built a recovery plan for JSW. As for Wałbrzyskie Coke Plant Victoria, Koksownia Friendship, Company Energy Hawks and the local Energy Company Warmer. Among others thanks to them JSW is to raise funds, but the Treasury is to maintain control over the assets.
A few weeks ago JSW received from PGNiG Termika offer for the purchase of the companies belonging to the Thermal Power Company Energy Hawks of the JSW group. Ongoing analysis of the offer.
Tobiszowski also pointed out on Thursday on the need to accelerate the process of joining JSW mines. In his view, developed for the company’s construction repair begins business stick. It certainly is not that saving the dead – said the deputy minister.
At the beginning of March, Energy Minister Krzysztof Tchórzewski confirmed the possibility of partial sale of selected subsidiaries JSW. He emphasized that this is not yet a foregone conclusion.
JSW, which specializes in the production of coking coal, touches the difficult situation in the hard coal sector. At the beginning of 2015. The company implemented a restructuring program, assuming, among others, reduce costs and improve efficiency.
In March, 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 fourth quarter of 2015. Past austerity measures and optimization paying off, but at the expense of JSW affect invariably drastically low levels of benchmarks – according to recent information JSW.
Deputy Minister of Energy Grzegorz Tobiszowski expects
furthest to July this year, the European Commission notifies the program
Repair for Polish mining industry. Climate talks on this subject in Brussels
Deputy Minister considers it positive.
During Thursday’s meeting with journalists in
Katowice Tobiszowski assured that involved so far in talks about
Mining in Brussels Deputy Minister Wojciech Kowalczyk will continue
involved in the effort for notification.
On Wednesday, the decision Prime Minister Beaty Awl, Tobiszowski replaced
Kowalczyk in the role of the Government Plenipotentiary. Mining restructuring
coal.
Kowalczyk, who belongs to the co-authors of a recovery program for
Polish mines and mining also dealt with in the previous government,
will now in the department of energy – as Secretary of State -
the creation and supervision of the department of economic analysis and policy
ownership.
Tobiszowski assured, however, that the Deputy Minister Kowalczyk will continue
also active in matters relating to the notification of the mining program.
He estimated that the mistake would be to change the face of Polish talks in Brussels
the last stage of efforts to notification.
Deputy Minister announced that in the next 2-3 weeks page
Poland once again meet with representatives of the Commission
EU to discuss the application for the mining industry. However, after
the establishment of the beginning of May the Polish Group Mining, efforts to
notification to acquire the acceleration to be able to July
positive for the Polish side closing of the process.
Information from the planned meetings in the coming weeks to be
also transferred to investors who declare their involvement in Polish
Mining group. This PGE, Energa and PGNiG Termika and Katowice Węglokoks.
We hope to confirm the path that we realize – he said
Tobiszowski.
When asked whether involvement in PGG investors with a dominant share
Treasury enough for the EC concluded that it is unacceptable
public support for the mining industry, Deputy Minister pointed to the positive climate
Accompanying ever talks in Brussels. For our example, something in the
Europe trains; we do not have a model where the Deputy Minister,
stressing that the proposed restructuring program solutions have not been
so far applied in the EU.
I do not want to be too confident, because common sense dictates that it should be the
respectful approach to all the events that are before us, but
I would also dishonest if I said that I have some troubling
signals – summed Tobiszowski.
He indicated that the Ministry of Energy has also prepared variant
action against the European Commission objections to the Polish program. If, do not let
God, for that to happen, we have prepared an investor just in case -
declared the deputy minister, but without betraying details
any contingency plan.
Plan for Coal Company assumes the acquisition of the mines and
the new entity – Polish Mining Group, which investors will
among others entities in the energy sector. At the end of next year, the group
It is expected to achieve profitability. In talks with the EC, the Polish side has, among others,
prove that it engaged in PGG investors enter into it under the terms of
market and will have a return on this investment. (PAP)
mab / par /
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