The company, which produces around 115kt/y 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.

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.