19 November 2009 12:46 [Source: ICIS news]
PRAGUE (ICIS news)--Poland's Zaklady Azotowe Tarnow (ZAT) has called a meeting on 15 December to decide whether to acquire insolvent German polyamide 6 producer Unylon Polymers, the company said on Thursday.
The extraordinary general meeting (EGM) would decide between the acquisition and increasing polyamide 6 capacity through building a second installation at a cost of zloty (Zl) 175m ($64m, €43m), ZAT said.
Unylon Polymers has a polyamide 6 plant with a capacity of 46,000 tonnes/year at Guben in ?xml:namespace>
Unylon AG, the parent of Unylon Polymers, said on 13 November that it had found an investor to buy the firm for €1.0m ($1.5m). It was seeking shareholder approval for the deal, but did not name the potential buyer.
If a sale could not be concluded, Unylon AG would be responsible for the subsidiary’s debts and losses, inevitably leading to its own insolvency, it added.
The Polish treasury ministry is in the final stage of attempting to sell ZAT, as well as
($1 = Zl2.74, €1 = Zl4.10)
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