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Bankrupt ZALCO in talks with 8 possible buyers
Edited by : AL CIRCLE
2 min read
Bankrupt primary aluminum producer ZALCO is in talks with eight potential buyers for a takeover of part or all of its plant in Zeeland, the Netherlands, the company's receiver said on Wednesday.
ZALCO, which has a production capacity of 275,000 tonnes per year of aluminum, filed for bankruptcy in mid-December. The plant, which had employed 500 people, was shut down a few days later due to lack of funding to pay energy suppliers.
"We have now started the bidding process, and there are eight parties interested so far," Ernst Butterman, one of the two official receivers, told Reuters in a phone interview.
"They got all the information from us, and we are now waiting for their offers." The interested parties, which include local and international companies and financial and physical players, have a few weeks to submit their bids for the plant or parts of it.
"Any option is open," Butterman added.
ZALCO's production facilities include two furnaces for producing anodes, 512 electrolysis baths for making primary aluminum and two recycling furnaces, 10 preparation furnaces and four homogenization furnaces for end products, according to its website. It is owned by Geneva-based private industrial group Klesch through its subsidiary BaseMet, which also controls two other aluminum-producing plants: Aldel in the Netherlands and Voerdal in Germany. The London Metal Exchange has suspended the ZALCO primary aluminum metal brand, and no more deliveries of the brand will be accepted for LME warranting, the exchange said on Tuesday.
ZALCO, which has a production capacity of 275,000 tonnes per year of aluminum, filed for bankruptcy in mid-December. The plant, which had employed 500 people, was shut down a few days later due to lack of funding to pay energy suppliers.
"We have now started the bidding process, and there are eight parties interested so far," Ernst Butterman, one of the two official receivers, told Reuters in a phone interview.
"They got all the information from us, and we are now waiting for their offers." The interested parties, which include local and international companies and financial and physical players, have a few weeks to submit their bids for the plant or parts of it.
"Any option is open," Butterman added.
ZALCO's production facilities include two furnaces for producing anodes, 512 electrolysis baths for making primary aluminum and two recycling furnaces, 10 preparation furnaces and four homogenization furnaces for end products, according to its website. It is owned by Geneva-based private industrial group Klesch through its subsidiary BaseMet, which also controls two other aluminum-producing plants: Aldel in the Netherlands and Voerdal in Germany. The London Metal Exchange has suspended the ZALCO primary aluminum metal brand, and no more deliveries of the brand will be accepted for LME warranting, the exchange said on Tuesday.
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