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The shutdown of the Kremikovtzi steel plant is going to open space for the expansion of Sofia to the north. Photo by BGNES
The Bulgarian capital is set to expand to the north with the almost certain liquidation of the Kremikovtzi steel-maker.
This has been stated by the Chief Architect of Sofia, Petar Dikov, in an interview for Novinite.com.
Dikov said he expected that the liquidation of the troubled steel-making giant Kremikovtzi would be confirmed by the court on Thursday as its bondholders had rejected the capitalization of its debts and the recovery plan.
“As far as I know, the state has also given up on that. So on November 12, two days after the historic date of November 10, the post-communist transition will be over for Kremikovtzi, this dear child of the Bulgarian-Soviet friendship,” Dikov told Novinite.com.
In his words, the Bulgarian capital is not going to lose anything from the liquidation of the factory but stands to gain clean air and a lot of new space for expansion and urban development.
“Since you have many foreign readers, I want to mention that after the insolvency procedure is completed, Kremikovtzi will be declared for sale in full, not as a plant in operation but as one in liquidation. I am convinced that the smart investors are going to consider whether to buy it even in today’s time of crisis. This is 15 000 decares of land with several hundred thousand tons of scrap worth about EUR 400 M. This will prove to be a very rare deal,” the Sofia Architect explained.
He predicted that whoever might acquire the assets of Kremikovtzi would preserve at least temporary its smelting furnaces in order to smelt the hundreds of thousands of tons of scrap remaining there – a process which could take about four years.
Dikov said much of the land where Kremikovtzi still stands could be turned into a high-tech park, office space, logistics or even residential space.
The court decision on the liquidation of Kremikovtzi is expected later on Thursday. The remaining 3 000 workers of the plant are staging a protest at about the same time.
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