More
Search
Grupa Kapitałowa Grupa Azoty
Choose a company
Grupa Azoty S.A. has signed an Amendment to the Agreement dated February 2, 2024, on behalf of itself and the companies within the Grupa Azoty Capital Group. The signing of this document will facilitate the development of a long-term restructuring plan for Grupa Azoty.
According to the signed document, the continued availability of limits under the Financing Agreements has been secured, and the Financial Institutions will not take actions aimed at canceling or reducing the available limits of the Financing Agreements. Based on the Amendment, the duration of the Agreement from February 2 has been extended from the originally indicated February 27 to March 25, 2024. Upon extending the availability period of one of the working capital loans to at least March 26, 2024, the Agreement period will be further extended to March 26, 2024. The Amendment also ensures that certain rights under the Financing Agreements will not be exercised due to breaches or potential breaches during the Agreement's validity.
"The financial situation of Grupa Azoty, especially after recent quarters reporting record net losses, presents many challenges. The signed Amendment allows us to continue working on a long-term restructuring plan, essential for stabilizing Grupa Azoty's financial position and subsequently rebuilding various business areas. This will result in increased cost efficiency and competitiveness of the Group's product portfolio," said Krzysztof Kołodziejczyk, Supervisory Board Member delegated to perform the duties of President of the Management Board of Grupa Azoty S.A.
As part of the signed Amendment, Grupa Azoty S.A. committed to providing specific documents to the Financial Institutions according to an established schedule and to continue applying the restrictions set out in the February 2 Agreement. These restrictions include limitations on planned investments, guarantees, or warranties provided, and incurring financial obligations.
Grupa Azoty S.A. emphasizes that it consistently fulfills all obligations regarding the servicing and repayment of liabilities under the Financing Agreements. The available limits of these agreements ensure liquidity and financial security for Grupa Azoty, its obligations to suppliers, and the continuity of operations.
The Amendment to the Agreement, effective from February 28, was signed with the following financial institutions: Powszechna Kasa Oszczędności Bank Polski S.A., Bank Gospodarstwa Krajowego, ING Bank Śląski S.A., Santander Bank Polska S.A., Caixabank S.A. Branch in Poland, BNP Paribas Faktoring sp. z o.o., ING Commercial Finance Polska S.A., Pekao Faktoring sp. z o.o., BNP Paribas Bank Polska S.A., Santander Factoring sp. z o.o., and Banco Santander S.A. Branch in Frankfurt, as well as the European Bank for Reconstruction and Development and the European Investment Bank.