Bulgaria Steel Mill Creditors 'Ready' to Become Shareholders

Business » INDUSTRY | August 30, 2009, Sunday // 15:28
Bulgaria Steel Mill Creditors Ready to Become Shareholders: Bulgaria Steel Mill Creditors 'Ready' to Become Shareholders Pavlov informed that a vote on the recovery program for Kremikovtzi will be held at the end of September. Photo by BGNES

The 57 largest creditors of the Bulgarian steel mill Kremikovtzi are ready to capitalize their debts and become shareholders according to Podkrepa union leader Lyudmil Pavlov.

Pavlov informed that a vote on the recovery program for Kremikovtzi will be held at the end of September. He stated that if the creditors vote in favor as he expects there will be no need for the government to liquidate the mill.

The Bulgarian government stated Tuesday that it may decide to liquidate Kremikovtzi or implement a healing plan.

"A final decision is yet to be taken," Economy and Energy Minister Traicho Traikov told reporters.

The sprawling communist-era behemoth near Sofia was declared insolvent in August last year with debts exceeding EUR 1 B. It is a big source of pollution and urgently needs re-furbishing.

Kremikovtzi, one of Bulgaria's biggest companies, provides jobs for over 5 000 people and its future was a politically sensitive issue ahead of the general elections in the summer.

 

 

 

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Tags: Lyudmil Pavlov, Podkrepa, Kremikovtzi

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