19 July 2012 16:18 [Source: ICIS news]
Restructuring plans under preparation at the group also meant that around 10% of its 6,000 employees would be laid off, it added.
Burdened by the repayment schedule on debts of Zl1.3m, Ciech is pursuing a new debt reduction programme that aims to cut the net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) ratio from 4.1 this year to 2.0 in 2015, the company said.
On 12 July, sources at
In May, Dariusz Krawczyk was appointed the new CEO of Ciech, after it was decided he was the best candidate to complete the group's restructuring prior to a fresh attempt at privatisation.
In January, the treasury ministry cancelled a tender to select an adviser for the privatisation, saying the economic situation was too “volatile and unpredictable” to guarantee that the sale process would fetch reasonably priced bids.
Ciech is scheduled to report its second-quarter results on 31 August.
($1 = Zl3.40, €1 = Zl4.17)
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