Onderzoek gestart naar staatssteun Pools staalbedrijf Huta Czestochowa (en)

Huta Cz?stochowa, is the second biggest Polish steel producer. Because

of its financial difficulties (all its assets were pledged) the Restructuring

and Development Plan for the Polish Iron and Steel Industry envisaged

restructuring the company by means of bankruptcy . Therefore, the company was

not included in Protocol No. 8 of the Accession Treaty as a beneficiary of

restructuring State aid.

Subsequently, Poland decided to endorse a restructuring plan for Huta

Cz?stochowa pursuant to the Act on Public Aid for Entrepreneurs of

Significant Importance for the Labour Market, which gives companies protection

against liquidation during restructuring. In the opinion of Polish authorities

this plan will yield a better return than liquidation.

The plan allows the splitting up of the company into several entities. While

one of these entities will own the steel assets, several other companies will

receive the remaining assets. The state, although in the possession of pledges

on the steel assets, will be given one of the latter entities and will then try

to recover its debts over time. On the other hand, the steel assets, which are

about to be sold to a strategic investor, will be given to the commercial

creditors who will swap their debt for equity and then sell the shares.

Furthermore, in order to continue operation of the steel production an

operating company was formed by a state owned agency. It leased the steel assets

and took over the employees.

^[1] OJ L 236 of 23.9.2003,

• p. 

  948.