LIMA – Creditors rejected on Thursday a restructuring plan from Doe Run Peru, a unit of US-based Renco Group, casting doubt on the future of the La Oroya smelter.
Doe Run Peru's board of creditors voted to start an "operational liquidation" process that could result in the smelter being operated by a new company, Doe Run Peru revising its restructuring plan to hang on to the smelter, or outright liquidation of the plant.
La Oroya, once one of the largest smelters in Peru, has been shut since 2009 because of protracted financial problems and a stalled environmental cleanup in what has been ranked as one of the 10 most polluted places in the world.
Under Doe Run Peru's "operational liquidation," the unit controlled by US billionaire Ira Rennert will remain in charge of La Oroya for up to a year and is required to pay its workers. Read more here...
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