Production Assets of Bulgaria's Insolvent Steel Mill Kremikovtzi Fail To Draw Bidders

Production Assets of Bulgaria's Insolvent Steel Mill Kremikovtzi Fail To Draw Bidders

No bidders turned up for Monday's auction of the production assets of Bulgaria's insolvent steel mill Kremikovtzi, Sofia-based media reported.

As no candidates submitted sealed bids in the one-hour auction that started at 0900 GMT on Monday, a new auction with direct bidding will be called, state-run news agency BTA (www.bta.bg) reported, quoting the steel mill's receiver Tsvetan Bankov. A date for the new auction is yet to be set.

The starting price at Monday's auction was set at 565.5 million levs ($367.4 million/289.8 million euro).

The Sofia City Court declared the idled steel mill insolvent on May 31, 2010.

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