In brief

• Jastrzębska Spółka Węglowa signed a loan agreement with ARP on 9 November 2026 for up to PLN 1.066 billion.
• The first use of the money is settling a PLN 400 million advance tied to a planned sale of group subsidiaries.
• Later tranches depend on progress in cutting costs, and the funding runs until 30 June 2038.

Loan terms and purpose

Jastrzębska Spółka Węglowa (JSW) signed a loan agreement with the Agencja Rozwoju Przemysłu (ARP) on 9 November 2026, worth up to PLN 1.066 billion (JSW pożyczy od ARP ponad 1 mld zł. Podpisano umowę – Puls Biznesu) (JSW pożyczy ponad miliard złotych od ARP. Pieniądze na ratowanie spółki – Bankier.pl). The company said the funds will first be used to settle a PLN 400 million advance tied to a preliminary agreement to sell shares and stakes in subsidiaries. The remainder will finance day-to-day operations and the group's restructuring programme.

Replacing the planned sale

The loan replaces the planned sale of two group companies: Jastrzębskie Zakłady Remontowe and Przedsiębiorstwo Budowy Szybów (JSW z miliardową pożyczką. To powinno dać finansowy oddech górniczej spółce – WNP.pl). Under the new arrangement, the company does not need to complete that sale to get the cash it needs in the near term.

Conditions and timeline

The financing is conditional. Subsequent tranches depend on progress in cutting costs, according to reports (Miliardowa pożyczka na ratowanie państwowej spółki. Na to pójdą pieniądze – Business Insider Polska). The funding period runs until 30 June 2038.

Key figures

| Item | Amount (PLN) | |---|---| | Maximum loan value | 1,066,000,000 | | Advance under preliminary sale agreement | 400,000,000 |

What comes next

The company's restructuring programme will be financed from the loan, and the release of later tranches will be linked to cost-reduction results.