Želba firm fighting for life and 1,300 jobs

INDUSTRIAL firm Želba of east Slovakia's Spišská Nová Ves is negotiating with three creditors who hold 80 per cent of its debt for approval of a business plan that will allow it to avoid bankruptcy and save 1,300 jobs. Želba's main creditors are the gas utility SPP, insurance firm Sociálna poisťovňa and corporate raiders Penta Group. The firm has already announced 260 layoffs at Siderit, an iron ore mine and processing facility.

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