Poland’s troubled builder Polimex-Mostostal has converted PLN 490m of its debt into shares and bonds to be taken by its creditors, including both banks and bondholders. Although the company still have to pay back PLN 330m it it expects to be back in the black by next year.
‘My personal ambition is to change Polimex into a well-performing company, fully transparent both in terms of management and operations with a reliable control system and risk estimates on every contract,” says Maciej Stańczuk, CEO of Polimex-Mostostal. “We’re also be focusing on profitability, instead of building the biggest contract portfolio,” he adds.
