The plan submitted by GSOL for the reorganisation of FENI Industries, the pyro-metallurgical ferronickel producing plant located in Kavadarci, is final, following an announcement by the Basic Court of Veles.
The Court’s approval announcement confirms the Plan’s legal validity and status as an executive document in accordance with the provisions of the Law on Bankruptcy. This step concludes the bankruptcy procedure and enables the reorganisation process to commence under the ownership of GSOL’s subsidiary, EuroNickel.
The Plan includes a significant investment to stabilise and refurbish the FENI operations and has been approved by the Assembly of Creditors and the Board of Creditors of FENI Industries.
Over EUR 80M of investments deployed by GSOL over the last year has enabled FENI to reduce uncertainty for its creditors and suppliers, maintain its furnaces and produce over 10,000 tons of nickel for export to the global markets in 2018.
