WARSAW: The Polish government is applying finishing touches to the financing structure for the restructured coal group Nowa Kompania Weglowa and plans to launch the company mid-August, the Treasury Ministry said in a press statement.
All key stages of the coal sector restructuring plan agreed mid-January will be realized by the end of the current parliamentary term, the ministry said. Nowa Kompania Weglowa will take over basic mining assets from the troubled Kompania Weglowa, with the unviable assets already transferred to the special-purpose restructuring unit SRK, the ministry said.
The situation in the coal sector remains tough due to external factors, namely coal price declines and global oversupply, but the liquidity situation is being monitored on a running basis and there are is no threat to salary payouts, the statement also reads.
The government is currently in the midst of restructuring Kompania Weglowa (KW) miner and transforming it into New Kompania Weglowa (NKW), bringing together eleven viable KW mines. At the same time, Poland is seeking entities ready to invest in NKW.
