Reuters: Bankruptcy News: Polish state agency to aide Polimex with $49 mln-report

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Polish state agency to aide Polimex with $49 mln-report Aug 24th 2012, 06:05 WARSAW | Fri Aug 24, 2012 2:05am EDT WARSAW Aug 24 (Reuters) - State-owned industry development agency ARP will aide Polish builder Polimex with a 160 million zloty ($49.24 million) loan, using Polimex's units as collateral, daily Dziennik Gazeta Prawna quoted its sources as saying on Friday. The group, stretched by debt after cut-throat bidding on infrastructure projects for the Euro 2012 soccer tournament, would post Energomontaz and Sefako units as collateral and sell its railroad construction unit Torpol on the stock exchange. Polimex already signalled plans to offload Energomontaz and Sefako for at least 200 million zlotys, offering the units to potential bidders including ARP. State aid would likely fall foul of European Union regulators who police violations of competition rules. Dziennik Gazeta Prawna said the financing would go outside state aide procedures to save time. Polimex creditors agreed last month to waive interest on the group's 2.5 billion zlotys debt pile for four months to give it time to restructure debt and improve liquidity. The ailing builder is also said to be a possible target for a strategic investors, with Russian VIS Construction Group and local rival NDI mentioned as potentially interested. ID:nL6E8JM10W] ($1 = 3.2494 Polish zlotys) (Reporting by Adrian Krajewski; Editing by Helen Massy-Beresford)

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