RE: Shame26 Feb 2026 12:53
The actions taken by banks and other creditors against Grupa Azoty Polyolefins (GAP), the SPV whose main shareholders are listed chemicals group Azoty and its subsidiary, do not translate into disruptions in the current operations of the Azoty group, CEO Andrzej Skolmowski told PAP Biznes. Grupa Azoty is operating in a stable manner and is fully solvent, he stressed.
By Olbryt Aleksandra
Jan. 30 (PAP) -- "The actions taken in recent weeks by banks and other creditors against GA Polyolefins may be perceived by outside observers as a sign of growing impatience on the part of these entities. In practice, however, they are part of standard procedures appropriate for this type of situation," Azoty's CEO Andrzej Skolmowski told PAP Biznes.
"These are primarily formal steps, often required by creditors' internal regulations, related to the restructuring proceedings at GA Polyolefins," he added.
These actions do not translate into disruptions in current operations and thus do not affect the achievement of Grupa Azoty's basic business objectives, the CEO stressed.
In mid-January, listed lender Pekao, acting as a credit agent, called in the liabilities of Grupa Azoty Polyolefins under a senior loan agreement - term, working capital and VAT loans dated May 31, 2020, with an estimated value of PLN 3.952 billion (EUR 938.2 mln).
On Thursday, Poland's largest energy concern Orlen demanded that GA Polyolefins immediately repay a loan from 2025 intended to finance the purchase of propane. The amounts due to Orlen under the agreement, together with interest, total USD 28.7 million.
Grupa Azoty Polyolefins is a special purpose vehicle established to implement the Polimery Police project. Its main shareholders are Azoty's subsidiary, Zaklady Chemiczne Police (34.4 percent) and Grupa Azoty (30.5 percent). Orlen holds a 17.3 percent stake in the company.
"I would like to emphasise that Grupa Azoty is operating in a stable manner and is fully solvent. It fulfils its commercial and operational obligations in a timely manner, in accordance with the agreements concluded and the schedules adopted," CEO Skolmowski pointed out.
"GA Polyolefins is a separate business entity with its own management structure and independent financial responsibility. The restructuring processes and creditor actions currently underway with regard to this company concern only the project company and are not related to the management or solvency of Grupa Azoty as a whole," he added.
The status of two key processes concerning GA Polyolefins remains unchanged, the CEO said.
"Firstly, the divestment process is still ongoing, and our counteroffer regarding the sale of ownership shares in the Polimery Police project remains valid," Skolmowski stressed.
Talks on Grupa Azoty's exit from GA Polyolefins are being conducted with Orlen. The offer received and group's counteroffer of PLN 1.022 billion, on a cash-free, debt-free basis, assume that sale of shares to Orlen is to be c
Sign In
Follow the stocks
