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The Financial Shield 2.0 passed by the government will provide support for 45 sectors damaged by the coronavirus crisis, the head of the state-owned Polish Development Fund (PFR) said on Tuesday.
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The Polish Development Fund has decided to grant a preferential loan of PLN 173.6 million to Jastrzebska Spólka Weglowa (JSW) under the government programme entitled ‘The PFR Financial Shield for Large Companies’.
The support will be granted to JSW in the form of a preferential loan, which will be paid out after the agreement is signed. JSW is obligated to satisfy the conditions defined in the agreement, which include signing an intercreditor agreement between, among others, the company, PFR and the company’s financial creditors. The preferential loan is to be paid out by the end of 2020 and the final maturity of the loan is 30 September 2024. JSW may also apply to the fund to cancel a portion of the loan, up to 75% of the Actual COVID Loss. The decision on the possible cancellation will be made by PFR.
EC gives green light to Poland s new state aid package thefirstnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thefirstnews.com Daily Mail and Mail on Sunday newspapers.
Aegean Airlines
The Greek government in November set out plans to provide up to €120 million ($146 million) in state support for Aegean Airlines as part of a wider capital increase. Under the plan, the Greek state would receive warrants for the purchase of shares in the company. The European Commission approved the Greek investment, which is being made via a direct grant, on 23 December.
Air Baltic
The Latvian government’s €250 million recapitalisation of Air Baltic was approved by European regulators in July. The move took the Latvian state’s holding in the airline from 80% to above 96%. The state will receive an appropriate remuneration for the investment and there are additional mechanisms to incentivise Air Baltic to buy back the state’s equity participation obtained as a result of the recapitalisation.