“RTB Bor may get new owner”
Should Cuprom fail to meet its obligations, RTB Bor will be sold to another buyer, a government official has said.
Tuesday, 10.04.2007.
11:56
“RTB Bor may get new owner”
“If RTB Bor really has value to it, it will survive. In case the Romanians fail, we can find a new buyer, there’s no reason to fear that outcome,” Rajković said.Cuprom is obligated to pay US$ 400mn by the beginning of July, in order to render the sales contract valid, Rajković said, adding that the contract will be annulled in case any of the stipulated obligations were not met.
“With the copper price in the markets today at over US$ 7,000 per ton, three times that of 2003, RTB is generating losses and hadn’t we opted to sell it in a tender, the company would be bankrupt,” Rajković concluded.
The sale of the faltering Serbian copper giant was marred by accusations of foul-play in the tender, coming from the camp of the second-placed bidder East Point.
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