Unipetrol - press speculates about bankruptcy of Spolana

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Investiční bankovnictví KB

      The newspapers speculate about possible bankruptcy of Spolana Neratovice. The company suffered flood damages of CZK 1.2bn. Nevertheless, we expect the figure does not include investments into security improvements and modernization, which could increase the flood “bill”. Spolana is important part of the Czech chemistry chain and important employer in its region. The situation would certainly need government’s assistance. Representatives of Unipetrol have estimated a government support of CZK 300-500m in form of interest rate subsidies and guaranties.

      

       Uncertain situation about company’s privatization, worsened economic situation in companies with negative impact of the floods lead to difficult access to debt financing. We keep our sell rating on Unipetrol.

      

      Tyto zprávy pro vás vytváří Investiční bankovnictví KB.