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Ministry Privatization plan for PHS meets with opposition

The Treasury Ministry is skeptical about the Economy Ministry’s plan to privatize national steel group Polish Steel Mills (PHS) by converting the company’s debts into shares. According to the Deputy Economy Minister’s concept, a tender would be announced by the end of the year for the sale of PHS liabilities to an investor from the steel sector, who would then convert them into shares.

However, the tender would have to be announced by the Treasury Ministry, which does not like the proposed parity of converting PHS debts into shares. The companies to whom PHS is indebted, such as those from the energy sector, are also against selling their liabilities to a potential investor at the proposed parity. Meanwhile, PHS representatives claim that if they fail to take advantage of this offer they could recover even less money than if PHS went bankrupt.

(WBJ 27.ix.02)

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