Public Auction for 50% of Troubled Lead/Zinc Smelter Opens Friday

Public Auction for 50% of Troubled Lead/Zinc Smelter Opens Friday

A public auction for the sale of half of the assets of troubled lead and zinc smelter OTZK opened Friday morning.

The auction has attracted only two candidates, the state-run Bulgarian National Television reported.

The starting price is set at 8.3 million levs ($5.2 million/4.2 million euro).

The assets of the smelter in Kardjali, in southern Bulgaria, which have been put up for sale cover an area of 162,000 square metres.

Information about the exact size of OTZK's debts is not available.

According to the company'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, by the end of March. Short-term liabilities totalled 65.3 million levs, including 1.8 million levs in loans.

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