WARSAW -- Commercial creditors holding more than half of Poland's $13 billion debt have committed themselves to a restructuring deal reached in March, paving the way for its implementation, chief negotiator Krzysztof Krowacki said.
Mr. Krowacki said commitments were still coming in Tuesday and the number of waivers from creditors for the buyback option in the deal was approaching 95% of debt value - a threshold needed for that option to come through.
Confidence Expressed
"We have had the 50% [commitment] for quite a while and we are approaching the 95% [buyback threshold]," Mr. Krowacki said. "The deal will definitely go forward as envisaged in the financing proposals."
He declined to elaborate on the figures and on demands for other options in the deal.
He said creditor interest in the buy-back, at 41% for the main part of it and 38% for a trade facility, was higher than the 20% Poland had said it was prepared for.
He suggested that Poland was prepared to satisfy the higher demand for the buy-back.
The deadline for the commitments was initially set for June 29 but had to be postponed because many secondary-market debt holders needed more time to become familiar with the proposals, Mr. Krowacki said.
Besides the buyback options, there are a 30-year, 45% discount bond and a step-up 30-year par bond for the $12 billion of principal.
For the $1.1 billion trade facility, options include a par bond and a past-due interest bond.
