HAMBURG May 4 German aluminium smelter Voerde
Aluminium launched insolvency proceedings on Friday but said the
business would continue to operate and it would seek to
The company, which produces around 115,000 tonnes of
aluminium annually and has 410 employees, said it had hit
liquidity problems because aluminium prices had fallen since
July last year while production costs have risen it.
The smelter was sold by British group Corus in 2009 to
BaseMet, owned in turn by investor Gary Klesch.
"I am confident that we will be able to find a suitable
solution to continue operations which will be in the best
interests of the company and creditors," Chief Executive Wout
Kusters said in a statement.
(Reporting by Michael Hogan; Editing by Greg Mahlich)