A protest in the center of Kavadarci will be carried out on Wednesday morning by employees of the FENI iron-cell factory, reacting to FENI being placed under a special liquidation scheme.
FENI’s membership of a special liquidation scheme has been requested by the company’s three creditor banks, Komercijalna Banka, Silk Road (formerly Alpha Bank) and Stopanska Banka, at the Veles Court of First Instance.
FENI employees will be demonstrating in front of the branches of these three banks, in the center of Cavandartsi.
The Veles County Court of First Instance has decided to conduct a preliminary examination of the conditions for the FENI ferro-nickel plant to be placed under a special liquidation scheme, while the first hearing on this decision by the Veles Court of First Instance was set for November 13.
The above banks are requesting that FENI be placed under a special liquidation procedure, as soon as possible, in order for it to continue its operation and restructuring with the ultimate aim of finding a reputable investor who will assume the debts and obligations of the company towards its employees, banks and other creditors.
FENI’s debts amounts to EUR 60 million, of which EUR 40 million is to the banks.
The union of FENI employees is reacting to the company being placed under a special liquidation scheme since, as they claim, for the entire length of the proceedings there will be a suspension of payments for FENI and they will not be able to receive their salaries.
FENI employs 850 employees./IBNA