The Commercial Court in Zajecar has adopted the pre-packaged reorganisation plan for reorganisation of four companies of Copper Mining and Smelting Complex Bor.
This, €1.2bn restructuring represents the largest financial restructuring in bankruptcy in Serbia ever. Adopted plan is particularly important considering that RTB is of strategic importance for Serbia.
The plan has the following consequences:
- Write-off of 90% of unsecured claims;
- Rescheduling debt repayment;
- Debt-to-equity swap for secured creditors, which will result in RTB Group having a clear ownership structure;
- Merger of all four companies with the goal of establishing one integrated system; and
- Possibility for further development of production and development of new mines with different investment structures.
This way, after several decades, RTB Group has solved its debt burden issues and created an opportunity for development.