May 5, 2015 / 6:29 AM / in 5 years

Polish coal miner Kompania Weglowa seeks investors -Rzeczpospolita

* Newspaper says Kompania seeks 3.2 bln zlotys

* Other state-controlled firms would supply half of the sum

* The rest to come from external investors

WARSAW, May 5 (Reuters) - Polish state-owned coal miner Kompania Weglowa is seeking investors who could inject 3.2 billion zlotys ($1 bln) into the company as part of a restructuring, with half of the sum potentially coming from other state-controlled companies, a newspaper reported on Tuesday.

Citing documents, Daily Rzeczpospolita said the capital injection is needed to launch a new entity called Nowa Kompania Weglowa, into which Kompania Weglowa is to transfer 11 of its mines.

Kompania Weglowa spokesman Tomasz Glogowski said: “We do not comment on this. Talks with potential investors are taking place, but this process is confidential.”

Kompania Weglowa, European Union’s largest coal miner, made a loss of 2.4 billion zlotys in 2014 and has almost 4 billion zlotys in debt. It secured some cash from the sale of four mines to another state-controlled firm Weglokoks.

Earlier reports said Poland’s biggest power producers, which include PGE, Energa, Enea, and Tauron, could take stakes in Nowa Kompania Weglowa.

PZU, central and eastern Europe’s top insurer, said in April it was not interested in buying a stake in Nowa Kompania Weglowa, denying an earlier media report.

Rzeczpospolita said the documents it accessed also showed that Kompania wants to increase the efficiency of its mines, including a voluntary redundancy programme, at the end of this year, after Poland’s autumn parliamentary elections.

Labour protests at Kompania Weglowa in January forced the government to change its original plan for Kompania Weglowa, which envisaged the closure of four of Kompania’s 14 mines in southern Poland.

Kompania Weglowa employed a total 49,000 people at the start of 2015, accounting for around half of all workers in the country’s mining sector. ($1 = 3.6175 zlotys) (Reporting by Marcin Goettig; Editing by Adrian Krajewski and David Holmes)

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