Bulgarian sources have reported that last Wednesday Sofia District Court declared the insolvency of the country's largest steelmaker Kremikovtzi, after it had amassed over $1 billion in debts.
The insolvency claim had been filed at the court by companies belonging to one of the bidders for Kremikovtzi, i.e. Konstantin Zhevago, as well as by several other companies.
Following the declaration of the mill's insolvency, a temporary receiver has been appointed at the mill.
Both the government of Bulgaria and the trade unions have welcomed the court's decision since it will facilitate the sale of the mill.