Assets of Bulgarian Lead, Zinc Smelter OTZK Fetch 2.6 Mln Euro

Assets of Bulgarian Lead, Zinc Smelter OTZK Fetch 2.6 Mln Euro

A private enforcement agent has sold assets of Bulgarian lead and zinc smelter OTZK for some 5.0 million levs ($3.3 million/2.6 million euro), an official from the enforcement agent's law office said.

The assets include a wastewater treatment plant, 35 buildings as well as movables, the law office official, who declined to be named, told news provider SeeNews.

The wastewater treatment plant was bought by Sofia-based Steel Commodities for 1.9 million levs, while the rest of the assets were acquired by Harmonee 2012.

According to Bulgaria's commercial register, local businessman Valentin Zahariev, who controlled OTZK's previous majority owner, Intertrust Holding, is a member of the board of directors of Steel Commodities.

Last month, Harmonee 2012 bought 50% of OTZK for 8.6 million levs. The sale aimed to repay part of OTZK's debt to creditors estimated at more than 300 million levs.

According to OTZK's latest financial report filed with the Bulgarian Stock Exchange, its long-term liabilities stood at 128.9 million levs, including 93.3 million levs of bank loans, at the end of March. Short-term liabilities totalled 65.3 million levs, including 1.8 million levs in loans.

More assets of the lead and zinc smelter will be put up for sale next week, the official said, providing no further details.

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