Biznes Fakty
Rafako to receive government aid. Donald Tusk announced the amount
More than PLN 700 million will be allocated to the Industrial Development Agency (ARP), which will utilize these resources to support the Rafako and Rafamet companies, stated Prime Minister Donald Tusk.
– I have decided to allocate over PLN 700 million to the Industrial Development Agency. These funds will be used, among other things, to assist (…) two firms from Racibórz. Certainly, Rafako is one of them, and the focus is on initiating new production. We will determine what can be achieved. (…) Nonetheless, we will provide the necessary funds to make this happen through the Industrial Development Agency – said the Prime Minister.
He also mentioned that the second company benefitting from the support is Rafamet, and the financial aid is intended to not only ensure its survival but also to foster growth.
On April 15, the Prime Minister indicated that the state would invest in Rafako to sustain the plant’s operations. He added that there were no obstacles to commencing arms production at the site where boilers were previously manufactured.
Challenges Faced by Rafako
Rafako, a provider of power units and a supplier of equipment for the energy sector, has been one of the largest employers in the Racibórz area for many years.
Rafako’s management filed for bankruptcy in September 2024, citing the inability to reach an agreement with major creditors regarding the specific terms for converting the company’s debts into shares of the increased equity or an alternative plan for further restructuring of the company’s liabilities, which would enable debt alleviation. This, as claimed by Rafako, could help the company regain its ability to secure external financing for future projects.
The management explained that the loss of financial liquidity and the necessity to file for bankruptcy stemmed from JSW Koks terminating mediation with Rafako before the General Prosecutor’s Office and claiming PLN 20 million from the guarantee deposit, along with a demand for PLN 35 million in guarantee payment. The agreement between JSW Koks and Rafako pertained to the construction of a cogeneration power unit powered by coke oven gas, with a capacity of approximately 32 MW of electrical power and 37 MW of thermal power. JSW Koks justified its actions by citing Rafako’s significant overruns in both deadlines and costs associated with the contract.
In March of this year, the Ministry of State Assets announced its efforts to find solutions for Rafako to ensure the company could continue functioning. At that time, the ministry acknowledged that ARP was engaged in discussions with a potential investor concerning the acquisition of the company and the establishment of a financing model.
The Situation of Rafamet
Last Friday, Rafamet revealed that it has adopted a strategy for restructuring its operations. This strategy includes, among other aspects, a capital injection from the company’s principal shareholder, ARP. Rafamet has also formulated preliminary proposals for repaying its creditors.
The company stated that management plans to implement restructuring measures, and strategic initiatives will involve a technical audit of the production process aimed at optimizing production logistics and adjusting the employment structure to align with the company’s production nature, conducting a review of the company’s assets, diversifying sales channels, and stabilizing the financial situation by securing funds for ongoing operations and executing investments and initiatives.
It has been indicated that ARP, as the company’s main shareholder, is expected to undertake actions in the form of a capital injection totaling PLN 80 million – distributed over four tranches: PLN 30 million in Q2 2025, PLN 20 million in Q4 2025, PLN 20 million in Q2 2026, and PLN 10 million in Q3 2026, alongside financing in the form of a loan of up to PLN 16 million. The company also anticipates establishing standstill agreements (to suspend the pursuit of claims) with major financial creditors and initiating a bridge loan of PLN 7.8 million provided by the Industrial Development Agency to the company in Q2 2025, prior to the first tranche of recapitalization from the share capital increase being activated.
Rafamet intends to stabilize the financial condition of its subsidiary, Odlewnia Rafamet sp. z o. o., by offering it financing of PLN 5.0 million.
Regarding employee matters, mechanisms linking the bonus structure to work performance are planned for implementation.
Rafamet aims to categorize creditors into nine groups during the ongoing restructuring process. The total value of the company’s receivables involved in the restructuring proceedings amounts to PLN 87.9 million, with PLN 60.7 million being arrangement liabilities, and PLN 27.2 million representing claims from ARP, PKO BP, and mLeasing that are not subject to the arrangement.
For creditors not included in the arrangement, the management board plans to pursue individual agreements.
The Rafamet Group is a part of the Industrial Development Agency Group, which consists of four legally and organizationally distinct economic entities and two so-called business centers.
