Budapest, 25 February 2010 – Hungarian isocyanate producer BorsodChem Zrt. announces that, after several months of intense negotiations, Permira Funds and VCP Capital Partners, the company’s owners, and Wanhua Industrial Group (Wanhua), a strategic investor, have agreed on a consensual restructuring of the capital structure of BorsodChem. The current consensual solution will stabilize the operations of BorsodChem and provide the company with significant further financial flexibility and a solid platform for long term growth.>>>
Budapest, 15 October 2009 – After three days of intensive negotiations, the management and the majority shareholders of BorsodChem signed an agreement in principle with representatives of Wanhua Industrial, a China based holding, which controls Yantai Wanhua. The term sheet governs the agreed upon midterm role of Yantai Wanhua as a minority shareholder of BorsodChem as well as the agreement to the company’s debt restructuring plan, which is also strongly supported by the senior lenders and the Hungarian government.>>>
Kazincbarcika, 11 September 2009 – BorsodChem continues to make good progress towards finalising the details of the debt restructuring plan. At a meeting that took place yesterday, the Senior Steering Committee endorsed a proposal which over the previous weeks has been negotiated amongst all stakeholders, comprising the Senior Steering Committee, the Mezzanine Steering Committee, the Hungarian Development Bank, the shareholders and BorsodChem. >>>
Kazincbarcika, 28 July 2009 – The second quarter of 2009 saw a positive shift in the trends for certain key products of BorsodChem. Most importantly, prices and sales volumes of TDI and PVC bottomed out in April, and they have apparently been on a stable upward curve in the past three months. In addition, the re-engineering process, which was started half a year ago, has also produced its first conspicuous results in operations.>>>
As a result of the agreement between the Hungarian government and BorsodChem, the company has suspended its workforce reduction plans which had earlier been an integral part of the company's ongoing restructuring programme and had seemed unavoidable.>>>
2009 January 20>>>
2008 January 28>>>
2007 May 7, Kazincbarcika>>>
2006 June 15, Kazincbarcika>>>
2006 April 28, Budapest>>>