The third auction of the assets owned by bankrupt Bulgarian steel giant Kremikovtzi is scheduled for February 7, 2011, with the starting price being decreased further to BGN 395 million (approx. $265 million), down 30 percent from the initial price at the first auction, Sofia News Agency has reported.
Two prior auctions were held during autumn this year, but failed to attract any bidders. Unlike the first closed-bid auction, the second took place with direct bidding. The starting price was BGN 452,414,008, down by 20 percent over the initial tag at the first tender, which also failed due to lack of prospective buyers.
According to the factory's receiver Tsvetan Bankov, the rail transport network and the electricity and natural gas distribution grids on the Kremikovtzi site are its biggest assets and should draw investors once the price is lowered even further.