COMMISSION DECISION
of 5 July 2005
on State aid C 20/04 (ex NN 25/04) in favour of Huta Częstochowa SA
(notified under document number C(2005) 1962)
(Only the Polish version is authentic)
(Text with EEA relevance)
(2006/937/EC)
I. PROCEDURE
II. DETAILED DESCRIPTION OF THE MEASURES
1. Introduction
2. The recipient
a) Huta Częstochowa
b) Huta Stali Częstochowa
3. The restructuring of Huta Częstochowa
a) The restructuring of the Polish steel sector
b) The Act of 30 October 2002
c) The restructuring process of Huta Częstochowa
d) Huta Częstochowa's creditors
e) Arrangements for financial restructuring
(1)
MH — and the satisfaction of commercial claims
(2)
Operator — and the satisfaction of restructurable public institutional claims
(3)
RFG — Satisfaction of non-restructurable commercial and public claims
figures in PLN |
||
Subsidiaries |
2003 |
2005 |
19,6 % of MH. |
[...] |
[...] |
MH Plus |
[...] |
[...] |
Koksownia Częstochowa Sp. z o.o. |
[...] |
[...] |
Remaining subsidiaries of Huty Częstochowa(20) |
[...] |
[...] |
Total |
[...] |
[...] |
(4)
The sale of the Huta Częstochowa companies to a strategic investor
f) Overview of claims and transfers
in million zloty |
||||||||||
2003 Analysis — Adjusted |
Receivables as of 31.12.2003 |
Proceeds under bankruptcy (2003 PWC Analysis) |
Proceeds under Restructuring Programme |
Difference (Restructuring-Bankruptcy) |
Restructuring as a % of Bankruptcy |
% Recovery Bankruptcy |
% Recovery Restructuring |
|||
Total |
from Majatek Hutniczy |
from RFG |
from Operator ARP |
|||||||
All public creditors |
875,7 |
405,1 |
531,0 |
[…] |
[…] |
[…] |
125,9 |
131 |
46 |
61 |
Public institutional creditors, including: |
470,1 |
234,9 |
315,4 |
[…] |
[…] |
[…] |
80,5 |
134 |
50 |
67 |
Social Security (ZUS) |
[…] |
[…] |
[…] |
— |
[…] |
[…] |
[…] |
136 |
53 |
72 |
Gmina Częstochowa |
[…] |
[…] |
[…] |
[…] |
[…] |
[…] |
[…] |
148 |
39 |
58 |
Tax Office (Urząd Skarbowy) |
[…] |
[…] |
[…] |
— |
[…] |
[…] |
[…] |
67 |
100 |
67 |
Guaranteed Employee Benefits Fund (FGŚP) |
[…] |
[…] |
[…] |
— |
[…] |
[…] |
[…] |
53 |
100 |
53 |
State Fund for Rehabilitation of Handicapped Persons (PFRON) |
[…] |
[…] |
[…] |
— |
[…] |
[…] |
[…] |
178 |
30 |
53 |
Śląsk voivodship |
[…] |
[…] |
[…] |
— |
[…] |
[…] |
[…] |
210 |
25 |
53 |
Gmina Poraj and other gminas |
[…] |
[…] |
[…] |
— |
[…] |
[…] |
[…] |
165 |
42 |
69 |
Public Corporate Creditors, including: |
405,6 |
170,2 |
215,6 |
[…] |
[…] |
— |
45,4 |
127 |
42 |
53 |
PSE S.A. (Power Grid) |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
139 |
38 |
54 |
Zakład Energetyczny (Energy Distribution Company) |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
97 |
69 |
67 |
Agencja Rozwoju Przemysłu S.A.(Industrial Development Agency) |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
116 |
42 |
49 |
PKP S.A. (Polish Railway) |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
174 |
26 |
46 |
PGNiG S.A. (Polish Gas Company) |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
104 |
51 |
53 |
Kompania Węglowa S.A. |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
198 |
23 |
45 |
CZW Węglozbyt S.A. |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
169 |
28 |
47 |
Key Private Corporate Creditors, including: |
520,5 |
312,3 |
265,91 |
[…] |
[…] |
— |
46,4 |
85 |
60 |
51 |
Kredyt Bank |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
80 |
70 |
56 |
ING Bank Śląski S.A |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
91 |
63 |
57 |
Bank BPH S.A. |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
62 |
81 |
50 |
Citibank Handlowy |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
99 |
46 |
46 |
Millennium Big Bank Gdański S.A. |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
65 |
78 |
50 |
Others |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
111 |
41 |
45 |
TOTAL |
|
717,41 |
796,91 |
[…] |
[…] |
|
|
|
|
|
in million PLN |
||||||||||
2005 analysis |
Receivables as of 31.3.2005 |
Proceeds under bankruptcy (2005 PWC Analysis) |
Proceeds under Restructuring Programme |
Difference (Restructuring-Bankruptcy) |
Restructuring as a % of Bankruptcy |
% Recovery Bankruptcy |
% Recovery Restructuring |
|||
Total |
from Majatek Hutniczy |
from RFG |
from Operator ARP |
|||||||
All public creditors |
950,6 |
659,7 |
664,4 |
[…] |
[…] |
[…] |
|
|
|
|
Public institutional creditors, including: |
504,72 |
342,4 |
365,6 |
[…] |
[…] |
[…] |
23,2 |
107 |
68 |
72 |
Social Security (ZUS) |
[…] |
[…] |
[…] |
— |
[…] |
[…] |
[…] |
110 |
68 |
74 |
Gmina Czestochowa |
[…] |
[…] |
[…] |
[…] |
[…] |
[…] |
[…] |
110 |
69 |
75 |
Tax Office (Urzad Skarbowy) |
[…] |
[…] |
[…] |
— |
[…] |
[…] |
[…] |
62 |
100 |
62 |
Guaranteed Employee Benefits Fund (FGSP) |
[…] |
[…] |
[…] |
— |
[…] |
[…] |
[…] |
49 |
100 |
49 |
State Fund for Rehabilitation of Handicapped Persons (PFRON) |
[…] |
[…] |
[…] |
— |
[…] |
[…] |
[…] |
105 |
55 |
58 |
Slask voivodship |
[…] |
[…] |
[…] |
— |
[…] |
[…] |
[…] |
122 |
47 |
57 |
Gmina Poraj and other gminas |
[…] |
[…] |
[…] |
— |
[…] |
[…] |
[…] |
53 |
73 |
39 |
Public Corporate Creditors, including: |
445,9 |
317,3 |
306,3 |
[…] |
[…] |
— |
11,0 |
97 |
71 |
69 |
PSE S.A. (Power Grid) |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
96 |
69 |
66 |
Zaklad Energetyczny (Energy Distribution Company) |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
90 |
85 |
76 |
Agencja Rozwoju Przemyslu S.A. (Industrial Development Agency) |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
74 |
100 |
74 |
PKP S.A. (Polish Railway) |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
142 |
47 |
67 |
PGNiG S.A. (Polish Gas Company) |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
92 |
72 |
66 |
Kompania Weglowa S.A. |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
146 |
43 |
63 |
CZW Weglozbyt S.A. |
|
|
|
|
|
|
|
122 |
51 |
62 |
Key Private Corporate Creditors, including: |
|
|
|
|
|
|
|
|
|
|
Banks: |
411,4 |
346,2 |
295,9 |
[…] |
[…] |
— |
50,3 |
85 |
84 |
72 |
Kredyt Bank |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
82 |
89 |
73 |
ING BSK |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
92 |
77 |
71 |
Bank BPH |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
84 |
82 |
69 |
Citibank Handlowy |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
84 |
83 |
70 |
Bank Millenium |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
90 |
90 |
81 |
Other Corporate Creditors |
[…] |
[…] |
[…] |
[…] |
[…] |
— |
[…] |
63 |
88 |
55 |
Small Creditors |
|
|
[…] |
[…] |
[…] |
|
|
|
|
|
TOTAL |
1 529,0 |
1 152,5 |
1 070,4 |
[…] |
[…] |
|
|
|
|
|
3. Subsidies and other measures
a) Subsidies in favour of Huta Częstochowa
b) Measures in favour of Huta Stali Częstochowa
III. GROUNDS FOR INITIATING THE PROCEDURE
IV. COMMENTS FROM INTERESTED PARTIES
V. COMMENTS FROM POLAND
1. The restructuring of Huta Częstochowa
2. The operation of Huta Stali Częstochowa
3. Grants and other measures
4. Approval of changes in the NRP
5. Assurance concerning separation of the respective operations of LNM, MSP and HCz
VI. AID ASSESSMENT
1. Applicable law
2. Existence of aid
a) Aid for the restructuring of Huta Częstochowa and application of the private creditor test
b) Grants and other measures
3. Compatibility of aid with the common market
4. Conclusions
VII. APPROVAL OF CHANGES IN THE NRP UNDER POINT 10 OF PROTOCOL NO 8
VIII. COMPLIANCE WITH POINT 4 OF PROTOCOL NO 8
Article 1
Article 2
Article 3
Article 4
Article 5
ANNEX
Information regarding enforcement of Commission Decision 2006/937/EC
1. Calculation of the amount to be recovered
Date(s) of payment(1) |
Amount of aid(2) |
Currency |
Identity of recipient |
|
|
|
|
2. Measures planned and already taken to recover the aid
3. Recovery already effected
Date(s)(3) |
Amount of aid repaid |
Currency |
Identity of recipient |
|
|
|
|