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.
The management of BorsodChem is confident that the current proposal can be implemented and targets a final approval by all lenders in early October. Once implemented, the new financial structure will provide BorsodChem with significant further financial flexibility and a solid platform for growth.
BorsodChem notes the press release issued by Wanhua Industrial Group (“Wanhua”) on 9 September 2009 with respect to its expression of interest in becoming a strategic investor in the company. BorsodChem confirms that its shareholders have been approached by Wanhua, although thus far there have been no discussions with the management. The management’s current priority is to focus on completing the debt restructuring based on the existing restructuring proposal as outlined above.
Further information
Dr. Gábor Hegyi
Capital Communications
Phone +36 1 266 01 99