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PBG Sees Polish State Fund Decision on Loan in Six Months

Aug. 1 (Bloomberg) -- PBG SA, the Polish construction company seeking state aid, expects a government fund to decide on its loan request “no sooner” than in six months, Chief Executive Officer Wieslaw Rozacki said.

Hydrobudowa Polska SA, its engineering unit, may file for liquidation, Rozacki said in an interview with TVN CNBC today. The subsidiary earlier filed for bankruptcy aiming at arrangement with creditors in June.

PBG, under protection from creditors, is among several Polish construction companies that posted losses and saw their debt soar this year as costs of building stadiums and roads for the European soccer championships increased.

PBG filed for a loan from state fund ARP on July 27, seeking financing to resume operations.

The state fund may decide on the request in three weeks providing that the motion is “complete and correct,” Roma Sarzynska-Przeciechowska, an ARP spokeswoman, said by phone today. The decision will still have to be approved by the European Commission, she said.

PBG shares gained 0.3 percent to 6.88 zloty at 10:27 a.m. in Warsaw, trimming this year’s slump to 90 percent. Hydrobudowa tumbled as much as 15 percent to 0.11 zloty today, a record intraday low.

To contact the reporters on this story: Marta Waldoch in Warsaw at mwaldoch@bloomberg.net; Piotr Bujnicki in Warsaw at pbujnicki@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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