Resignations at Grupa Azoty
Grupa Azoty announced that after the dismissal of three management board members, it had delegated the deputy head of the supervisory board Aleksandra Machowicz-Jaworska to perform the duties of president for a maximum of three months. During this time, a new president is to be elected in a competition, the company said.
Recapitalization of the company
At the same time, the Ministry of Assets announced recapitalization Grupa Azotywhich is to create – as MAP put it – conditions for the effective implementation of the company’s strategy and stabilization of the financial situation.
The Ministry emphasized that due to its business profile and direct impact on national security, the Azoty Group is of strategic importance, which is why MAP is taking “all actions aimed at rebuilding its condition and consolidating the chemical sector in Poland.”
Goal: financial stabilization of the company
According to MAP, the supervisory board concluded that achieving long-term stabilization of the financial situation at a key moment in negotiations with financial institutions and key stakeholders requires “decisive actions in the organization of the management board’s work.” Therefore, as the ministry informed, in the opinion of the council, the new composition of the management board will be obliged to implement solutions that will bring Grupa Azoty closer to concluding an agreement with creditors.
MAP noted that it is the dominant shareholder of Grupa Azotyis determined to restructuring process company ended as soon as possible.
Grupa Azoty is the second largest producer of nitrogen and compound fertilizers in the EU. It is the only melamine producer in Poland. It also produces products such as polyamide, OXO alcohols, plasticizers and titanium white. Grupa Azoty is a joint-stock company in which the State Treasury owns 33%. shares.
