Bulgaria invites ArcelorMittal to take part in Kremikovtzi liquidation auction

Thursday, 15 July 2010 17:44:19 (GMT+2)

Bulgarian minister of economics Traicho Traikov has invited ArcelorMittal, the world's largest integrated metals and mining company, to participate in the liquidation auction for the country's bankrupt steel giant Kremikovtzi, Sofia News Agency has reported.

With total debts amounting to BGN 1.84 billion, Kremikovtzi was declared bankrupt at the end of May and cleared for liquidation in June this year, despite the numerous unsuccessful attempts of the mill's creditors and the government to reach an agreement on a plan to save the mill.

Different views about the future of the Kremikovtzi site have been recently discussed by the Bulgarian public and authorities, including possibly retaining the operating mill, creating a museum, a residential neighborhood and a new industrial park.

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