Montenegro launches bankruptcy proceedings at smelter

PODGORICA, July 8 | Mon Jul 8, 2013 8:57am EDT

PODGORICA, July 8 (Reuters) - A Montenegrin court has launched bankruptcy proceedings at the country's single biggest industrial employer, indebted aluminium plant Kombinat Aluminijuma Podgorica (KAP), a court official said on Monday.

Proceedings were set in motion over a 24-million euro ($30.8 million) debt to Deutsche Bank, the deputy head of the Commercial Court in Podgorica, Dragan Rakocevic, said in a statement.

The Adriatic state last month asked the court to consider bankruptcy for the smelter, which is co-owned by the state and the Central European Aluminium Company of Russian billionaire Oleg Deripaska. KAP employs 1,200 people and accounted for 4.7 percent of Montenegro's economic output last year, but is nursing a total debt of some 350 million euros. ($1 = 0.7792 euros) (Reporting by Petar Komnenic; Writing by Aleksandar Vasovic; Editing by Louise Heavens)

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