Invest in Bulgaria - The Preferred Partner of Investors Seeking Opportunities in Bulgaria
Follow:
GUGUSHEV & PARTNERS is among the leaders on the Bulgarian legal market Comprehensive Organization of MBA and EMBA Study Trips in Bulgaria
NEWS BY TOPIC
FDI in Bulgaria (13)
Health (4)
Macroeconomic Data (49)
Business (361)
Investments (155)
Infrastructure (97)
Financial (126)
Economy (350)
Construction (14)
Politics (62)
Real Estate (27)
Interesting Facts (24)
Sports (10)
NEWS BY SECTOR
Software and Information Technology (28)
Real Estate (56)
Tourism (112)
Waste Management (9)
Automotive (23)
Electronics (3)
General (81)
Renewable Energy (66)
Agriculture (22)
Construction (90)
Food and Beverage (20)
Textile (2)

Buyer Pays in Full for Bulgaria's Obsolete Steel Mill
BUYER PAYS IN FULL FOR BULGARIA'S OBSOLETE STEEL MILL
Date: 14/04/2011
Source: novinite.com
Buyer Pays in Full for Bulgaria's Obsolete Steel Mill

The Eltrade Company has wired to the Bulgarian Bank for Development, BBD, the amount of BGN 284 399 500 for the purchase of the bankrupt Kremikovtzi steel mill, located near the Bulgarian capital.

The news was reported Thursday evening by the Bulgarian news agency BTA, citing the mill's receiver, Tsvetan Bankov.

The transfer had a deadline of April 18. It is the full price of Kremikovtzi, which was sold for BGN 316 M, because the company had deducted the deposit of BGN 31 600 500, made to take part in the auction.

On Tuesday, Bulgaria finally sold the production assets of the steel mill in a fourth auction to the sole bidder – the newly established local Eltrade ompany, owned by 26-year-old Lachezar Varnadzhiev.

According to the Trade Act, after a final payment has been made, the receiver must prepare the entire documentation from the auction and submit it with the Sofia City Court with an application for the judge to issue an order to transfer the ownership to the buyer. The Court is to verify the legality of the deal.

Bankov says the amount of collected documents is huge – about 1 000 pages, requiring long and hard work.

On Wednesday, First Investment Bank officially confirmed it had granted a EUR 59 M loan to Eltrade after deciding the company would be able to "carry out the project."

"Eltrade company" was established on March 8, 2011 and its capital is a mere BGN 20 000, a check in the Trade Registry shows, triggering suspicions who stays behind it. It is Varnadzhiev's only company and it is supposed to be a black and colored metal dealer.

"Eltrade company" has the same address as Nadin - N, a well-established scrap dealer. Vladimir Todorov, member of Nadin – N's board of directors, was present at Tuesday's auction.


Topic: Economy



Featured District
HASKOVO DISTRICT AND CITY INFORMATIONHaskovo
Invest Bulgaria Charts
Net Domestic Assets of Bulgaria
Net Domestic Assets of Bulgaria

Current and Capital Account of Bulgaria
Current and Capital Account of Bulgaria

See all charts
Did You Know?
Bulgarian Wine
Bulgarian Wine
Bulgaria has been in the wine business for over 1200 years. The taste and quality of the Bulgarian ... More

The ancient town of Nessebur, which has been declared a reserve, is situated on a tiny peninsula on the Black Sea coast linked with the mainland by a narrow isthmus. Some of the finest achievements of mediaeval church architecture are preserved here - Nessebur is a member of the UNESCO protected sites.

Intelligence Pathways - Outsource your Business, Competitive Intelligence or Back Office to Bulgaria

Bulgaria Translation - Full service Bulgarian Translation company

© Copyright 2004-2019 Invest Bulgaria Group Ltd, Sofia, Bulgaria. All rights reserved.

 
Please read Conditions of Use, Copyright Statement and Privacy Policy for this web page and web site.


Bulgaria Translation Bulgarian Agriculture Bulgarian Textile BestFlowers.bg Sofia Web Works Bulgarian Coins Intelligence Pathways Bulgarian Outsourcing

Crafted by Sofia Web Works, creators of Uudet Nettikasinot 2019, 最新カジノ and Svenska Casinon. Maintained by Website Maintenance, the kings of Website Migration.


Our Featured Members