Aluminij Mostar: Bosnian Aluminium smelter’s debt amounts $166 million

Isaac M. Tamir, Chairman of the T. T. Abraham Group, stated: “Mostar’s Aluminum Debt does not apply to the new Aluminum Industries Company, HZHB Elektroprivreda utility company stated that the payment of the electricity consumed debt is an integral part of Mostar’s restructuring plan."

Elektroprivreda HZ HB reminds that Mostar’s debt to this company amounts to almost $166 million and that the last payment for this debt was received by Elektroprivreda HZ HB during the last year.

Elektroprivreda HZHB stated: “Aluminum Mostar’s debt does not call into question the survival and operation of Elektroprivreda HZ HB, as well as our development plans, but it certainly slows them down. It is known to the public that we were purchasing electricity for a customer of Aluminum in the market, which we paid for, which is why we borrowed credit from a commercial bank.”

“The aforementioned credit is also without prejudice to the liquidity of our company. Our management actively monitors the situation in Aluminum and, as before, takes all the actions required by law, and the payment of the debt is an integral part of the restructuring plan of Aluminij Mostar.”

On 8^th April ’20, M.T. Abraham Group, Aluminij Industries d.o.o. and Aluminij d.d. Mostar have signed a lease agreement for the Mostar based company in Bosnia