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| BorsodChem management, owners reach agreement with Wanhua |
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Budapest, October 15, 2009 (MTI-ECONEWS) - The managementof Hungarian chemicals company BorsodChem and its majority owner Permira have reached an agreement, in principle, with China's Wanhua Industrial on Wanhua's mid-term role as a minority owner and on the approval of a restructuring of BorsodChem's loans supported by its lenders and the Hungarian government, BorsodChem told MTI on Thursday.
The agreement was reached after three days of intense negotiations, BorsodChem said.
"We took an important step toward the restructuring of BorsodChem's debts and the implementation of growth plans," said BorsodChem CEO Wolfgang Buchele. "The result is good for the company, the customers, the suppliers and especially for the employees," he added.
Mr Buchele said there were still many unanswered questions, but the negotiating parties had agreed to talk these over in an appropriate timeframe.
Representatives from the current majority owners -- private equity firm Permira and Vienna Capital Partners --, as well as BorsodChem CEO Wolfgang Buchele and Jiangsheng Ding of Wanhua participated at the negotiations in Budapest.
Last week, BorsodChem's lending banks promised the company's current management their full support and said they expected them to continue with the company's growth strategy. The banks also said they supported the continued direction of BorsodChem's majority owners Permira and Vienna Capital Partners.
BorsodChem wants to restructure EUR 1bn of debt from some 60 creditors, including banks and other lenders.
Wanhua recently purchased about 75pc of BorsodChem's mezzanine loans and started talks with Permira. Permira took over about EUR 200m in mezzanine loans -- attached to rights for about 19pc of BorsodChem shares -- when it acquired the company in 2006.
Permira and Vienna Capital Partners said earlier they welcomed Wanhua as a strategic partner, but not as a majority owner.
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Source: MTI - EcoNews; 20091015 |
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