02/18/2010

PIE - News-Ticker on Plasteurope.com

BorsodChem: Agreement on new financial structure

It seems like Hungarian chemical giant BorsodChem (Kazincbarcika; www.borsodchem.hu) finally has sailed out of the stormy waters. As reported in several Hungarian media outlets, an agreement in principle has been reached between the majority shareholders - investee Permira (Frankfurt / Germany; www.permira.com) and Vienna Capital Partners (VCP, Vienna / Austria; www.vcpag.com) - and minority shareholder Wanhua Polyurethane (Yantai, Shandong / China; www.ytpu.com).


At the centre of the agreement stands the commitment on the part of Permira and VCP to inject about EUR 140m into BorsodChem in order to guarantee liquidity and to finance existing projects for capacity expansion. With Permira allegedly planning to quit its Hungarian investment only in three years' time, Wanhua will remain the minority shareholder until then.

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