Jastrzębska Spółka Węglowa (JSW) announced on Friday that the sale of its subsidiaries, Przedsiębiorstwo Budowy Szybów (PBSz) and Jastrzębskie Zakłady Remontowe (JZR), to the Agency for Industry Development (ARP) has been postponed from July 31 to October 31.
JSW has been facing persistent issues with profitability and liquidity. The state-controlled company is undergoing a restructuring process that includes cost-cutting measures, workforce reductions, and the sale of certain subsidiaries.
The delay in the sale of PBSz and JZR was disclosed in a current report on the stock exchange, although the reasons for the rescheduled date were not specified. This change was made in a second annex signed with ARP on the same day, modifying a preliminary agreement made on March 9. The first annex had already shifted the sale date from June 30 to July 31.
Sales Expected to Exceed 1 Billion Zloty
In its earlier announcement on March 9, JSW confirmed a preliminary sales agreement for 95.81% of PBSz’s shares for 274.4 million zloty and 59.39% of JZR’s shares for 791.6 million zloty. The total price for the shares was set at 1,066 million zloty, with ARP agreeing to pay a deposit of 400 million zloty.
On March 31, an extraordinary general meeting of JSW approved the establishment of security interests on the assets of the Budryk and Borynia mines, related to the preliminary sales agreement.
This security was established under an amendment to a consortium agreement regarding sustainability-linked financing, which allowed JSW to sell shares of PBSz and JZR. In 2023, JSW secured “green” financing from a consortium of financial institutions amounting to 1.65 billion zloty to support the company’s climate transformation goals.
Additionally, on March 31, the general meeting approved supplementary security measures related to ARP’s receivables in light of the sale.
JSW explained that its intention to sell PBSz and JZR aligns with previous announcements concerning its business restructuring aimed at raising funds through asset sales.
JSW acquired PBSz, a company with an 80-year history, for over 200 million zloty from a Famur group company in 2019. JZR was established in 1998 from a restructuring of the Repair Workshops, which previously served as a support unit for JSW.
JSW Faces Liquidity Challenges
As the largest producer of coking coal in the EU and a significant producer of coke used in steel production, JSW operates four mines: Borynia-Zofiówka, Budryk, Knurów-Szczygłowice, and Pniówek. The company, listed on the stock exchange, is currently restructuring amid concerns raised last year by management regarding liquidity risks.
In February, JSW reached an agreement with labor unions to reduce labor costs. Other restructuring measures include the sale of certain assets. On June 8, the company’s general meeting approved the establishment of securities for a loan of 850 million zloty from ARP.
JSW reported a consolidated net loss of 6.25 billion zloty and an EBITDA loss of 4.99 billion zloty for 2025. The company’s mines produced over 13 million tons of coal and 3.2 million tons of coke in 2025. In the first quarter of 2026, JSW recorded a net loss of approximately 615.9 million zloty.
On Wednesday, JSW’s CEO Bogusław Oleksy informed the parliamentary committee that, to maintain liquidity, the company will require a loan of approximately 2 billion zloty by the end of 2026.
