MSC Bor facing bankruptcy

(Photo: rtb.rs)

This was stated by Blagoje Spaskovski, director general of MSC Bor. According to him, the EUR 60 million debt towards a foreign company, which dates from the 1990s, is written out like a coffeehouse bill.

- In simple terms, the debt is written out on an unstamped piece of paper. As such, it has been filed and booked in our business records as a disputed claim – said Spaskovski, but didn't wish to divulge the company's name.

He emphasized that MSC Bor's EUR 408 million debt towards the Paris and London Creditors Clubs is still an item in the company's business records, even though it has been written off for everyone else.

- So, of 1.25 billion euros of MSC Bor's debts, almost 50% are disputable – claims Spaskovski. - And the loan for the construction of a new smelter and sulfuric acid factory in the amount of EUR 250 million was necessary for both environmental and economic reasons.

IMF's proposal

- The IMF proposed that we ask for debt write-offs of 95 or 100%, but we are asking our creditors for a 90% discount, and to pay the rest in the next 7 years with a 12-month grace period – said Spaskovski.