Hungary's troubled PVC maker BorsodChem may be in deeper trouble, according to portfolio.hu. It quotes a local newspaper saying the company is not even close to negotiating a E100m loan it needs to help it restructure debt and continue operating.

BorsodChem has a huge amount of potential and had been modernising aggressively to transform itself into one of Europe's leading PVC manufacturers. Let's hope it can solve its problems,

Excerpt from, story: "Hungary’s chemicals producer BorsodChem should not expect to receive the awaited EUR 100 million loan from the Hungarian Development Bank (MFB) any time soon, although it badly needs the capital to restructure its debts and ensure its operations, local daily Népszabadság reported on Friday. The issue is not even on the table at the bank, it added.

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The BorsodChem project officially does not exist at state-owned MFB, simply because the company has not put in an official request. There is nothing to talk about, Népszabadság learned.

Previously, there were talks with the Kazincbarzika-based company, but there were "not overly serious" therefore BorsodChem’s pending loan is in a "very initial phase", the paper said.

The bank remains open to negotiations and an agreement with BorsodChem if the company is to submit an official request.

The paper contacted BC, but no officials were willing to comment."