Thursday, 14 December 2017 | News today: 14

Creditors file for “Feni Industries” restructuring

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Komercijalna Banka AD Skopje, Stopanska Banka AD Skopje and Silk Road Bank AD Skopje, the largest creditors of Kavadarci-based ferronickel plant “Feni Industries”, filed Monday a motion to a Veles court for its restructuring through opening of bankruptcy proceedings.

The banks say company “Enekod” has not covered the undertaken debts to employees and has not reached an agreement on regulating the plant’s outstanding liabilities, although it claims to be the owner.

According to the banks, a serious investor is required, which would be able to undertake and service liabilities to employees, banks and other creditors, as well as provide additional investments in the plant.

Current owner Cunico Resources has outstanding liabilities in the amount of EUR 400 million to the three banks, as well as additional EUR 20 million to other creditors.

Pece Ristevski, president of the Trade Union for Industry, Mining and Energy, recently said that “Feni Industries” had a new owner, Bulgarian company “Enekod”, and added that the company would keep all employees and has committed to new investments.

“Feni Industries” has about 1,000 employees.