Poland’s Ciech achieves refinancing deal

Good news for Poland’s largest chemical maker, Ciech, which has secured a $460.5m loan from a consortium of banks in a debt restructuring deal that took eight months to conclude.

The zloty (Zl) 1.34bn (€345.4m) agreement will address the financing needs of the main company, 14 Polish subsidiaries and Romanian soda ash subsidiary Uzinele Sodice Govora, according to ICIS news.

Earlier this year, the Polish treasury suspended Ciech’s privatisation pending a satisfactory outcome of debt talks with the banks. The protracted negotiations saw the banks grant Ciech seven deadline extensions before the talks were concluded.

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