11 JUNE 2014AlCircle
Montenegro sells bankrupt aluminium plant to local firm
Edited by : AL CIRCLE
1 min read
The biggest industrial employer in Montenegro, the bankrupt aluminium plant was sold to a local firm on Tuesday for 28 mn euros. Uniprom, the new owner of the aluminium firm promised to invest a total of 76 mn euros in the KAP plant in the coming next four years.
"We are starting today a new programme for the better future of KAP, which we consider a pillar of Montenegro's economy," said Uniprom chief, Veselin Pejovi.
Last October, a commercial court in Montenegro declared KAP bankrupt estimating that their deadline for submitting restructuing plans had expired. It has been estimated that the aluminium smelter owes 360 mn euros that equals to a debt worth 10% of the gross domestic product of the Balkan country.
Last year, the firm had cut down 500 employees but even then with 700 employees it still remains the biggest industrial employer in a country comprising of around 660,000 people. The new plant owner is planning to cut down the employee count by 400.
"We are starting today a new programme for the better future of KAP, which we consider a pillar of Montenegro's economy," said Uniprom chief, Veselin Pejovi.
Last October, a commercial court in Montenegro declared KAP bankrupt estimating that their deadline for submitting restructuing plans had expired. It has been estimated that the aluminium smelter owes 360 mn euros that equals to a debt worth 10% of the gross domestic product of the Balkan country.
Last year, the firm had cut down 500 employees but even then with 700 employees it still remains the biggest industrial employer in a country comprising of around 660,000 people. The new plant owner is planning to cut down the employee count by 400.
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