PKP Cargo: Poland's top freight operator PKP Cargo to lay off up to 30% of staff

GDANSK (Reuters) - Poland's largest freight operator PKP Cargo plans to lay off up to around 30% of its employees, or about 4,142 workers, in redundancy proceedings that are set to be completed by the end of September, the company said on Wednesday. The state-owned group filed a court motion earlier this week to start a restructuring process aimed at improving its financial health and liquidity. The motion needs to be approved by the court. The restructuring would shield the company from creditors and could aid it in restricting costs as well as allowing it to continue business activities. The company suffered a 118.1 million zloty ($29.56 million)loss in the first quarter of this year, following a 44.5% slump in annual profits in 2023. The stock was up around 9% by 1231 GMT after brief trading halt. ($1 = 3.9948 zlotys) (Reporting by Mateusz Rabiega; Editing by)