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Huta Szkla Szczakowa: bank takes holding in lieu of debt

Polish flat glass producer Huta Szkla Szczakowa has given Kredyt Bank 33.3% of its shares in lieu of debt incurred to cover the costs of diversifying production.
An equal stake in Szczakowa was take…

Polish flat glass producer Huta Szkla Szczakowa has given Kredyt Bank 33.3% of its shares in lieu of debt incurred to cover the costs of diversifying production. An equal stake in Szczakowa was taken by Polish Gas and Petroleum Mining (PGNiG). Szczakowa had been unable to make regular payments to PGNiG for gas supplies. The Polish government is currently working on a restructuring programme for Szczakowa and is seeking a strategic investor for the plant.

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