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Spanish Firm Wants to Buy Part of Bulgaria's Bankrupt Steel Mill
Date: 04/03/2011
Spanish Firm Wants to Buy Part of Bulgaria's Bankrupt Steel Mill

A Spanish consortium has expressed interest in buying "parts" of what used to be Bulgaria's largest steel-maker Kremikovtzi, Bulgarian Economy Minister Traicho Traikov announced in Madrid.

Traikov was in Madrid on Friday as part of a Bulgarian government delegation to Spain led by Prime Minister Boyko Borisov.

The firms from the Spanish consortium SHP-Advisers have declared readiness to apply for EU funding for an EUR 20 M project for "the re-cultivation of the terrain" on which Kremikovtzi is standing, Traikov announced after meeting with the president of the consortium Hakobo Sartoris, as cited by bTV and the press service of the Economy Ministry.

No other details have been made public as to what exactly the Spanish firms plan to do with Kremikovtzi.

In February, the third auction scheduled for the assets of Bulgaria's bankrupt Kremikovtzi steel mill failed like the previous two, due to the only bidder not presenting a satisfactory document for having paid the required deposit.

Bulgaria regrouped the assets of bankrupt steel mill giant and tried to auction them for a third time after failing to attract any bidders in two previous auctions. For the last unsuccessful bid, the starting price was set at BGN 395 M, which is a 31% drop from the initial price of close to BGN 565.5 M.

The fourth attempt to hold an auction for the assets of Kremikovtzi will be held on April 12, with their total price this time falling down to BGN 316 M.

Topic: Investments

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