The Commercial Court in Zajecar approved on Thursday a reorganization plan prepared in advance for four companies of the Bor mine and smelter.
Beta agency reported this quoting a company announcement.
The EUR 1.2 billion debt restructuring program includes the parent company, the Bor copper mine, the Majdanpek copper mine and the smelter and refinery.
A statement said that this was the largest financial restructuring of a company debt in Serbia.
Bor mine and smelter CEO Blagoje Spaskovski said that 90 percent of unsecured debts, i.e. around a billion in debt owed by the Bor mine and smelter, had been written off.
He explained that the remaining ten percent of the debt would be paid back over the next eight years, after a year-long grace period and that the mine was servicing its debt for a new smelter and sulfuric acid factory, so far paying back back USD 46 million of its debt to Canada’s EDC Bank.
Source; B92
