The Polish government has authorized the Ministry of State Treasury to begin negotiations with the Ukrainian company "AvtoZAZ" regarding the buyout of state shares in the Warsaw Automotive Factory. This was announced yesterday by Minister of State Treasury Jacek Socha.
The minister recalled that the start of negotiations with "AvtoZAZ" concludes a four-year period of searching for an investor for the plant, which after the bankruptcy of the Korean Daewoo was on the verge of closure.
He noted that today 88% of the factory's products are purchased by "AvtoZAZ".
Socha did not say when the ministry might complete negotiations with the Ukrainian company, expressing hope that this would happen in the near future.
The minister also expressed confidence in the sale of state shares to "AvtoZAZ". "I don't think we will have to prepare a new scenario," he said, commenting on the possibility of not completing negotiations with the Ukrainians.
In October, the company "UkrAvto", which is the largest shareholder of "AvtoZAZ", began buying up the factory's debts from the banks that had lent to the plant.
To date, the company has been buying up debts from three of the six creditor banks, including the largest bank "Millennium", reports ProEUROPA