Reuters: Bankruptcy News: Polish agency mulls PLN 1 bln bond issue for state rescue

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Polish agency mulls PLN 1 bln bond issue for state rescue Dec 17th 2012, 15:30 WARSAW | Mon Dec 17, 2012 10:30am EST WARSAW Dec 17 (Reuters) - Poland's state industrial development agency ARP, which has played an increasingly active role in providing lifelines to troubled companies, plans to issue bonds worth up to 1 billion zlotys ($320.5 million), sources told Reuters on Monday. Officials familiar with the plans said the issue, which would mainly fund ARP's rescue of builder Polimex, would be divided into several tranches with the first planned in the coming weeks. ARP plans to invest 250 million zlotys in Polimex in exchange for a third of the company to become its biggest investors as part of wider debt restructuring. ($1 = 3.1200 Polish zlotys) (Reporting by Dagmara Leszkowicz, Agnieszka Barteczko, Adrian Krajewski; writing by Chris Borowski)

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