Reuters: Bankruptcy News: UPDATE 1-Ailing builder Polimex offers units to Polish agency

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Ailing builder Polimex offers units to Polish agency Jul 16th 2012, 15:20 Mon Jul 16, 2012 11:20am EDT * Offers two units to state agency ARP * Says total price tag sought tops $58 million * Shares down 2.9 percent (Adds company confirmation, background, share price) WARSAW, July 16 (Reuters) - Polish builder Polimex, stretched by debt after cut-throat bidding on infrastructure projects for the Euro 2012 soccer tournament, hopes to offload its Energomontaz and Sefako units for at least 200 million zlotys ($58 million). Chief executive Konrad Jaskola told broadcaster TVN CNBC on Monday the units had been offered to state restructuring agency ARP and other potential bidders. Polimex has 100 million zlotys in bonds maturing in July and a further 195 million due in October. It also has to repay a loan of 150 million zlotys by the end of July. Last week, it said it had launched restructuring talks with creditors to extend debt deadlines and, possibly, issue bonds. Polimex, another major Polish construction group PBG , and dozens of smaller firms are facing financial woes after a bidding war for contracts to build roads ahead of the Euro 2012 soccer championship Poland co-hosted with Ukraine. Deputy Prime Minister Waldemar Pawlak said earlier this month the ARP could provide aid to the largest builders, an idea that was countered by finance minister Jacek Rostowski. State aid would likely run foul of European Union regulators who police violations of competition rules. Polimex shares were down 2.9 percent to 0.68 zloty at 1515 GMT. ($1 = 3.4268 zlotys) (Reporting by Adrian Krajewski, writing by Maciej Onoszko) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions