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“Kremikovtzi’s” creditors will decide the fate of the dying steel mill on June 12. Photo by Sofia Photo Agency
The gas supply to Bulgaria's troubled steel mill "Kremikovtzi" has been resumed temporarily for a 10-day period.
The information was reported for Darik radio by the mills' assignee in bankruptcy, Tsvetan Bankov.
The supply had begun on June 4 and the gas volumes have been prepaid to "Bulgargaz", Bankov told Darik, but declined to announce the exact volume and the amount paid.
The gas is needed for the processing of some scrap under a contract while the money will be used to pay the May salaries to the "Kremikovtzi" workers.
"Kremikovtzi's" debt to "Bulgargaz" is estimated at over BGN 100 M and was the reason for halting the gas supply to the mill on May 15 and the closure of the major part of its production facilities, including the coke plant.
The termination of gas supply to "Kremikovtzi" was postponed several times over hopes that the Brazilian metallurgy giant CSN would save the mill's coke production. The supply was discontinued after negotiations with CSN failed.
A meeting of the mill's creditors is scheduled for June 12 to decide on "Kremikovtzi's" future.
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