BorsodChem will receive 140 million euros from the major shareholders

16/02/2010
BorsodChem will receive 140 million euros from the major shareholders
It seems that the Hungarian chemical giant BorsodChem gradually emerging from a difficult situation. According to several Hungarian media, the agreement in principle was reached between the shareholders, the controlling shareholder, Permira (Germany) and Vienna Capital Partners (Avtsriya), and the shareholders who have little equity, Wanhua Polyurethane (China).
Parties Permira and VCP agreed to provide BorsodChem 140 million euros to guarantee liquidity and financing of existing projects to expand capacity, said Plastinfo.ru.

Although sales of key products BorsodChem, including TDI and PVC, the middle of last year began to increase, restore business MDI has been slow. Therefore not surprising that the CEO Wolfgang Büchel (Wolfgang Buchele) cautious in their forecasts about the prospects of the company in the future.

After trying to absorb Wanhua debt-ridden BorsodChem in a difficult position. When plans for a Chinese company became known (Fall 2009), government assistance, which is expected to implement the necessary restructuring, has been postponed.

Initially, the proposal from China seemed salutary for BorsodChem. But negotiations have stalled, and the situation became more and more incomprehensible. Wanhua now owns 19% stake in the Hungarian group.