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Permira sees Wanhua as BorsodChem partner, not majority stakeholder

Hungarian chemicals company BorsodChem's owner Permira sees Chinese peer Wanhua as a partner, but not as the majority stakeholder in the company as it is BorsodChem's competitor, BorsodChem Chairman-CEO Wolfgang Buchele told the press in Budapest.

Buchele told MTI earlier that BorsodChem sees Wanhua, which bought a significant part of BorsodChem's mezzanine loans with the involvement of investment banks, as a source of uncertainty because it is blocking any restructuring of BorsodChem's debt. The Chinese company, which bought the loans as BorsodChem struggled to cope with the crisis, has still not made clear its long-term intentions in the investment partnership, he said.

Christian Neuss, a partner in venture capital company Permira, said BorsodChem's leading lenders would decide on the company's maturing loans by October 6, after which BorsodChem would have about a week to decide on the restructuring of about €1 billion in debt.

If the agreement on the restructuring is drawn out, BorsodChem could be forced to shelve some investments, Buchele said. (MTI – Econews)