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Tuesday, February 20, 2018, 

FENI to return to production with solid financial backing from GSOL

FENI to return to production with solid financial backing from GSOL

Skopje, 2 February 2018 (MIA) - Global Special Opportunities Ltd. (GSOL) announced Friday the signing of a contract for the re-start of FENI’s production, following the bid process initiated by the Bankruptcy Trustee.

'Our group satisfied all the requirements for the participation in the bid process and has committed financial resources of at least EUR 10 million in order to guarantee the fulfillment of its obligations under the contract,' GSOL said in a press release.

The GSOL team was welcomed in the FENI plant today by numerous employees from technical and administrative functions, as well as the Bankruptcy Trustee team, in order to begin the implementation of the production process re-start.

Under the contract, the production process will be re-started, employees' wages are secured by guarantees from our group and all costs will be covered. GSOL group will deliver to the plant all resources needed for successful production.

'We are very pleased with the outcome of the bid process and are fully prepared to invest all the necessary funds and deliver the natural resources for FENI to return to production immediately. We are committed to working with the FENI employees, transporters and all other suppliers to deliver a successful result and ensure the prosperity of the company and all its stakeholders', said Marcos Camhis, CEO of FOS Asset Management and investment advisor to GSOL.

Our commitment to FENI extends beyond this contract and we-reiterate our intention to participate as an investor in a restructuring plan that will lead to FENI’s exit from Bankruptcy and successful future as the leading ferronickel producer in Europe, Camhis said.

GSOL is an international private equity fund formed in 2009 with a focus on Natural Resources and specifically base metals. GSOL has an excellent and proven track record in turning around and operating Ferronickel assets globally. In August 2015, GSOL acquired Falconbridge Dominican S.A. ('Falcondo'), a fully integrated Ferronickel production company in the Dominican Republic, from Glencore Plc. lk/21:30

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