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Sudden change at the top of Rafako. The supervisory board decided


In response to a request for comment from “Puls Biznesu” Dawid Jaworski emphasized that he learned about his resignation shortly before. The name of his successor was unknown to him. Robert Kuraszkiewicz, a publicist associated with Nowa, became the new acting president Confederation, in the past, among others president of Bank Pocztowy.

Rafako’s president dismissed

Rafako’s situation has been in the center of attention on the Polish market for many months. The company, which employs nearly 900 people, is known for large projects such as power unit in Jaworzno. However, it has been in serious trouble for months. It has liabilities amounting to hundreds of millions of zlotys.

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– The situation has been difficult since 2020. That’s when the restructuring project began, which has lasted nearly three years. Today, the company has exhausted the possibilities of extending this process. We still have a high level of debt and negative equity (close to PLN 450 million as of June 30, 2023 – editor’s note) – Jaworski said at the beginning of November in an interview with PAP.

The former president of Rafako argues that the key to the company’s survival is the unconditional conversion of debt into shares. If this does not happen, Rafako is at risk of losing liquidity and, in the longer term, even bankruptcy.

During the extraordinary general meeting of Rafako, held last Tuesday in Racibórz, shareholders were to decide on debt conversion and the issue of shares to a potential investor. However, these decisions were postponed until November 23 at the request of the PBG Group, which holds over 26 percent. Rafako shares.

Failure to make such a decision may result in loss of liquidity and filing for bankruptcy a company employing nearly nine hundred people, Jaworski emphasized.

He added that a positive decision on the conversion will allow the implementation of the recovery program. The plan assumes the conversion into shares of debt from bank guarantees (approx. PLN 240 million), debt to the Industrial Development Agency (approx. PLN 100 million), Export Credit Insurance Corporation (approx. PLN 40 million) and other arrangement creditors.

The issue of Rafako’s condition may be a challenge for the new government. The possible collapse of the company, which is one of the symbols of Polish entrepreneurship, could be perceived as a lack of effectiveness of the government.

It is worth recalling that in January this year, the leader of the Civic Platform, Donald Tusk, met with Rafako crew. During the talks then, he referred to the company’s dispute with Tauron regarding the power unit in Jaworzno worth over PLN 6 billion. The PO leader said that Rafako “needs to be saved”. – The authorities are not doing you any favors. It’s heartbreaking that the Germans will come here with their production completely free of charge, Tusk said.

The dispute was finally resolved amicably. In March, the companies reached a settlement, more on that HERE.

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