Type
Bankruptcy
Country
Poland
Region
Poludniowy; Malopolskie; Nowosadecki
Location of affected unit(s)
Gorlice
Sector
Manufacturing
Manufacture Of Coke And Refined Petroleum Products
Manufacture Of Coke And Refined Petroleum Products
19.2 - Manufacture of refined petroleum products

450 jobs
Number of planned job losses
Job loss
Announcement Date
20 January 2005
Employment effect (start)
Foreseen end date

Description

Glimar, the oldest Polish refinery went bankrupt. Glimar’s debts reached almost 1 million zlotys. The company borrowed money to finance a new hydro-complex installation and over-invested. If the borrowers will not agree to reduce liabilities, syndic will have to sell Glimar's assets.


Sources

  • 20 January 2005: Rzeczpospolita

Citation

Eurofound (2005), Glimar, Bankruptcy in Poland, factsheet number 61045, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61045.