30 JANUARY 2014www.ntd.tv
Montenegro publishes tender for bankrupt KAP auminium plant
Edited by : AL CIRCLE
2 min read
On Saturday, Montenegro launched a tender for selling the partially state-owned KAP aluminium plant, said an official. This aluminium plant, that has been declared bankrupt, is its biggest industrial employer.
Veselin Perisic, the bankruptcy administrator of the plant said, the country expects to receive 28 million euros ($38 million) for this Aluminium Company Podgorica (KAP) along with its property. He also added, the tender will be open till February 17.
KAP has been declared bankrupt by a Montenegrin commercial court last October after finding out the expiry of the deadline for submission of its plans for reconstructing. Montenegrin government is the owner of 29. 36% of this smelter. It had applied for its bankruptcy in July.
It is estimated the aluminium smelter owes 360 million euros to foreign banks mostly, including Hungarian OTP bank, Deutsche Bank and Russian VTB bank. The total debt is worth almost 9 percent of the gross domestic product (GDP) of the Balkan country.
The International Monetary Fund (IMF) recommended Montenegro should shut down the facility. Since July, 500 people has been fired by the company. But even with its existing 700 employees, KAP remains the biggest industrial employer in the country that has a total of 660,000 people.
KAP has been declared bankrupt by a Montenegrin commercial court last October after finding out the expiry of the deadline for submission of its plans for reconstructing. Montenegrin government is the owner of 29. 36% of this smelter. It had applied for its bankruptcy in July.
It is estimated the aluminium smelter owes 360 million euros to foreign banks mostly, including Hungarian OTP bank, Deutsche Bank and Russian VTB bank. The total debt is worth almost 9 percent of the gross domestic product (GDP) of the Balkan country.
The International Monetary Fund (IMF) recommended Montenegro should shut down the facility. Since July, 500 people has been fired by the company. But even with its existing 700 employees, KAP remains the biggest industrial employer in the country that has a total of 660,000 people.
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