April 19 (SeeNews) - Serbian state-owned copper miner and smelter RTB Bor's deputy managing director Mirjana Antic said on Wednesday that the company has repaid debt worth $54 million (50.3 million euro) in the last four months.
Since December 2016, when the corporate restructuring plan or RTB Bor was adopted, the company has repaid 1.859 billion dinars ($16.1 million/15 million euro) of debt owed to state-run power utility Elektroprivreda Srbije (EPS) plus 490 million liabilities to the government, Tanjug news agency quoted Antic as saying.
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RTB Bor also paid a fee for the use of state-owned natural resources worth 355 million dinars, as well as 67 million dinars to the municipalities of Bor and Majdanpek, where its production facilities are located.
The Serbian government is trying to strike a deal that will allow a big Chinese company to enter RTB Bor, as was the case of steel group Zelezara Smederevo, economy ministry secretary Dragan Stevanovic said in November.
In July, a Zajecar court approved the restructuring plan of RTB Bor, allowing the write-off of 90% of the company's unsecured debt. Under the plan, the remaining 10% will be repaid over eight years with a one-year grace period, while the secured debt will be converted into equity.
Two previous attempts for the privatisation of RTB Bor were unsuccessful. RTB Bor is among the companies in restructuring whose protection from debt collection expired on May 31, 2016.
(1 euro = 123.630 dinars)
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