Support The Moscow Times!

En+ Venture Refinances

En+ Group asked Montenegro's government to allow its Kombinat Aluminijuma Podgorica joint venture to convert debt it owes, including 86 million euros ($113 million) to En+, into equity.

En+ "would be prepared to fully convert that debt into KAP's equity if the government agrees to a similar conversion" for other lenders, En+ said Friday. The government and En+ each hold 29.3 percent stakes in the unprofitable Montenegro aluminum producer.

The plant may also sign a long-term power supply deal with a state-owned utility as a part of a rescue plan, En+ said. KAP is the biggest industrial producer in the nation of about 620,000 people.


Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.