Tag Archives | Ciech

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Ciech seeks bail out from EBRD

The European Bank for Reconstruction and Development (EBRD) is becoming a friend of the chemicals industry in CEE and Russia. It recently agreed to bail out RusVinyl, the 330,000 tonnes/year PVC project, part owned by BASF, Sibur and Solvay.  Now Poland’s largest chemical group, Ciech, has applied for long-term financing from the EBRD to help […]

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Will Ciech sell off and IPO be death by a thousand cuts?

In the past few days Poland’s major chemical group, Ciech, has announced plans to sell its fertilizer, agrochemical, silicates and glass units. Prior to that there was discussion of a possible initial public offering (IPO) for its soda ash business. If all these go ahead the group will only be left with its organic chemicals […]

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Poland’s Ciech may not attract buyer unless government backs down

The flagship privatization of Poland’s Ciech again looks shaky as reports suggest the country’s treasury is unwilling to accept lower bids for the group. Ciech is Europe’s second largest producer of soda ash and this market has not been performing well. As the privatization process stumbles on it is looking more and more like the […]

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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, […]

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Ciech extends debt restructure deadline

Shares in Poland’s struggling chemical group, Ciech, have jumped after it revealed the deadline for concluding debt restructuring talks had been extended to 16 April from 1 April. The move gives the group more breathing space and enables talks to resume with potential bidders for the group. Ciech was withdrawn from the current Polish chemical […]

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Ciech suffers weak demand ahead of privatisation

Things are looking pretty tough for Europe’s secong largest soda ash producer, Poland’s Ciech. First its privatisation was delayed as it struggles to refinance its Zl1.56bn debt burden. Now analysts predict weak demand for its core product due to competition from imports of natural soda sourced from Turkish trona mines. Erste Bank said in a […]

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Poland chemical privatisation may benefit from good dose of realism

The privatisation of Poland’s chemical sector stumbles on, having been subject to many delays and alterations. The latest deadline is March 22, the date by which German group Petro Carbo Chem should acquire ZAT and ZAK, having been awarded exclusive negotiating rights. It and two other unspecified bidders were told they could resubmit binding bids for Ciech–also billed […]

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Poland chemical privatisation faces more delays

It’s perhaps not surprising that bidders are to be given extra time to submit binding offers for the package of Ciech, fertilizer, caprolactam and polymer producer Zaklady Azotowe Tarnow (ZAT) and nitrogen fertilizer, plastics and oxo alcohols producer Zaklady Azotowe Kedzierzyn (ZAK).Poland’s chemical industry privatisation, Polish state company restructuring agency Nafta Polska revealed the news […]

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Poland chemical privatisation moves a step closer

The boards of Ciech, Tarnów and Kędzierzyn are to present the financial situation and investment strategies of their companies to potential investors from the short-list this week, according to Adam Leszkiewicz, deputy treasury minister, told the Polish News Agency (PAP), quoted in Polish Market Online.‘Investors interested in the privatisation of the first group of chemical […]

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