gavrilo
Amicus
Vi ste svi banane
Posts: 840
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Post by gavrilo on Nov 19, 2009 21:13:42 GMT -5
Deripaska company to sack 2,300 in Montenegro 19 November 2009 | 12:49 | Source: Beta MOSCOW -- Russian billionaire Oleg Deripaska's En Group reached an agreement with the Montenegrin government for making 2,300 workers redundant.
The workers being let go come from the Podgorica-based KAP aluminum plant and a bauxite mine located in Nikšić, in the north of the country.
Currently, both companies employ more than 3,900 workers.
The agreement, which determines the future of the Montenegrin companies, was signed by En Group Director Michael Nosal and Montenegrin Economy Minister Branko Vujević.
“The Montenegrin government will give state guarantees until December 31, 2009, for the remaining and future debts of KAP, worth more up to EUR 135mn,” according to a statement.
“With the state guarantees, there will be funds secured that will enable KAP and the Nikšić-based company to regulate their debts to creditors, and to finance social programs for the 2,300 that will be made redundant, and to increase capital turn-around,” a statement from the En Group explained.
The En Group will give the government half of its shares in the two companies and give itself the right to buy them back if the company desires to.
"A new formula for the electricity prices for KAP" has also been agreed on, reports said.
EN Group and the Montenegrin government have agreed on a continuation of the investment program for KAP, which is expected to be worth EUR 39mn in the next five years.
It was agreed that the EN Group and government will pull their charges filed to international courts and reject other loan pretensions.
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Post by todhrimencuri on Nov 20, 2009 16:26:43 GMT -5
And news just gets better and better for my fine northern friend.
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