FERRON LOST THE CASE ON DANIELI EQUIPMENT

Business | July 8, 2001, Sunday // 00:00

The arbitration court at the Bulgarian Chamber of Commerce and Industry rejected as void the claim of Ferron Investment Ltd. against Kamet. The company was claiming the Danieli special steels facility, won by the company at a tender in early 2000. The company signed a contract with Kamet worth $5.2 M. Later on Deputy Prime Minister Zhotev opened a new bidding procedure for Kamet despite the existing contract with Ferron Investment. Ferron Investment appealed the minister`s order at the Supreme Administrative Court. Zhotev`s decision was prompted by the emerging of another candidate for Danieli: a consortium of three Russian companies, united in the Finland-registered consortium of Xansatico, which offered DEM 40.7 M for the Danieli equipment. In 1996 Kamet was declared in liquidation. The sale of Danieli is part of the scheme for settling debts to creditors, which include Machinoexport, EIBank, and UBB. Unsuccessful tenders for the sale of Danieli have been made since 1997.

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