Creditors of Telco BTC Scrap Sale Plans

Creditors of Telco BTC Scrap Sale Plans

The creditors of Bulgarian telecommunications group BTC decided to abandon plans for the company's sale as they were not satisfied with the offers they received.

The highest bid was submitted by Turkish telecom Turkcell but the candidate buyer requested a big part of the money to remain blocked until debt issues with the former owners are resolved, local business newspaper Capital Daily said.

The offers of the other two candidate buyers - a tie-in between local Corporate Commercial Bank and Russia's VTB, and Thor Bjorgolfsson were rejected as dissatisfactory, Capital Daily reported, quoting three unnamed sources.

A new attempt to sell BTC could be made as early as next year.

BTC's previous owner, a consortium led by American multinational insurance corporation AIG purchased the company in 2007 and loaded it with debts for about 1.65 billion euro ($2.17 billion).

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