Reuters: Bankruptcy News: Voerde Aluminium's creditors agree to extend production to end-2014

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Voerde Aluminium's creditors agree to extend production to end-2014 Oct 14th 2013, 10:36 Share this Email Print Reprints HAMBURG | Mon Oct 14, 2013 6:36am EDT HAMBURG Oct 14 (Reuters) - Creditors of insolvent German aluminium plant Voerde Aluminium voted to extend production to the end of next year while the search for a buyer continues, a spokesman for Voerde's insolvency administrator said on Monday. The Voerde smelter, which makes about 10 percent - or 115,000 tonnes - of Germany's yearly aluminium output a year, declared insolvency in May 2012. The plant in the state of North Rhine-Westphalia employs about 280 staff. Uncertainty about energy policy after Germany's inconclusive general election in September was an added difficulty, said the spokesman for insolvency administrator Frank Kebekus. Germany's metals industry association WVM has said the Voerde case illustrates the danger to metal output from high electricity prices, which are among Europe's most expensive partly because of green schemes to promote renewable energy. The insolvency process could be concluded in March 2014, the spokesman said. U.S. metals group Aleris bought Voerde's cast house last August. Buyers are now being sought for the separate electrolysis and anode production units at the plant. Voerde Aluminium's creditors had agreed on Sept. 27 to continue production until at least the end of this year. (Reporting by Michael Hogan; Editing by Louise Ireland) Link this Share this Digg this Email Reprints

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