Macedonian steel products maker Metalec to resume operations.

By bne IntelliNews September 9, 2010
The court in Prilep cancelled the bankruptcy procedure for steel products manufacturer Metalec, thus allowing the plant to resume operations, local media reported. The insolvency was requested by the employees, who number 230, and the holder of 20% of the company, Slovenian firm Ceste Mostovi Celje (CMC). The reason for the initiation of the procedure was that most the plants equipment is mortgaged. Also, the state revenue agency blocked the Metalec accounts on MKD 30mn worth of unpaid taxes. Businessman Jandre Zdraveski controls the remaining 80% of the plant. The chairman of the local trade union, Lazar Angeleski, said the shareholders are now expected to establish the management bodies and call back the plants employees. Angeleski added that Metalec will successfully get back into business of CMC helps the plant with order and expanded material, personnel and logistical assistance.

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