Croatia's government has reopened bidding for the sale of an 89.34 percent stake in the county's long producer Zeljezara Split. The new bidding process was opened after the Croatian-Ukrainian consortium of Armco and Smart withdrew as a potential buyer of the company due to a disagreement over payment of the mill's debts.
The eventual buyer will have a set of obligations to fulfill, including Zeljezara Split's commitments to suppliers, and will also have to provide discounts on the company's services as part of the debt repayment process, as well as put forth a debt settlement plan.
In addition, the Croatian Privatization Fund has sought a commitment from potential bidders to invest in the modernization of the plant over the next five years.
The deadline for the new round of bids is 45 days starting from February 15.