The supervisory board of Bosnian aluminium smelter Aluminij Mostar said on Monday that the offer made by an Israeli-Chinese consortium for the relaunch of production was unacceptable, inviting the consortium and the management board to revise the bid to salvage the debt-ridden company.

The supervisory board called for revising the bid so that shareholders could possibly decide at their meeting before the end of the year on a long-term lease of the company and its further operation or on a bankruptcy.

The government of the Bosniak-Croat Federation entity of Bosnia and Herzegovina owns 44 percent of the company, the same as small shareholders, while the government of Croatia holds the remaining 12%.

The Israeli-Chinese consortium is made up of the Israeli-based M.T. Abraham Group, China Machinery Engineering Corporation and China Nonferrous Metal Industry’s Foreign Engineering & Construction Co. Ltd.