Poland’s Azoty Seeks 83% Debt Writedown in Polymer Restructuring

Grupa Azoty SA seeks to settle just about 17% of debt taken to build the biggest propylene and polypropylene complex in central and eastern Europe.

Poland’s state-controlled fertilizer manufacturer said in a statement it has filed a restructuring plan, asking creditors to agree to a substantial debt writedown on the 6.1 billion zloty ($1.7 billion) in liabilities of its Polyolefins SA unit. The proposal aims to clear the way for the sale of the troubled plant to Orlen SA, following a 1.02 billion-zloty offer from the country’s energy giant last year.