Polish fertilizers and chemicals producer Grupa Azoty SA reported on Feb. 20 that it has changed the composition of its Management Board and tasked Krzysztof Kołodziejczyk, a member of the company’s Supervisory Board, to perform the duties of President of the Management Board. He takes over from Wojciech Blew, Acting President.
The group said the paramount focus of the Management Board is to secure the financial stability of the company.
Azoty last September was able to secure waiver and amendment letters with 13 financing institutions that agreed to waive certain covenants laid down in loan agreements to the group and its Zakłady Chemiczne “Police” SA subsidiary (GM Sept. 8, 2023). The group had breached its debt/EBITDA ratio covenants at the end of the second quarter and had been seeking covenant waivers from its lending institutions since June.
The waivers are set to expire on Feb. 27 and 28, and Azoty in this week’s statement said it continues talks with the banks and plans to work out a long-term restructuring plan. It is also seeking to improve production efficiency and ensure production at levels that restore profitability.
The group intends to announce an open recruitment process for the position of President of the Management Board, and Members of the Management Board for Finance and for Development and Restructuring, as well as Members of the Management Board responsible for three core business areas: Agro and Chemicals, Plastics and Polymers, and Energy.