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BRIEF-Poland seeks to convert part of KHW's debt into shares of merged coal company
March 6, 2017 / 2:32 PM / 9 months ago

BRIEF-Poland seeks to convert part of KHW's debt into shares of merged coal company

March 6 (Reuters) -

* Poland would like to convert 30-35 percent of outstanding 1.4 billion zlotys ($344 million) of obligations to bondholders of state coal producer KHW into shares of the merged state coal firm PGG, a deputy energy minister said on Monday.

* Grzegorz Tobiszowski also told reporters that it could prove difficult to secure agreement to the conversion from banks holding the bonds.

* Banks BZ WBK, BGZ BNP Paribas, PKO BP , state bank BGK and DZ Bank AG are all bondholders in KHW.

* Tobiszowski said that potential investors and financial institutions involved in KHW will meet at the office of state-run utility PGE for talks on Tuesday.

* Trade unions at KHW agreed last week to a merger with bigger rival PGG. ($1 = 4.0650 zlotys) (Reporting by Wojciech Zurawski in KATOWICE, Poland; Writing by Marcin Goettig; Editing by Lidia Kelly and David Goodman)

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