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Bulgaria Govt Mulls Liquidation of Steel Behemoth

Date: 28.08.2009

Liquidation is looming for Bulgaria's insolvent Kremikovtzi steel mill

The Bulgaria government may decide to liquidate insolvent steel mill Kremikovtzi or implement a healing plan, the economy minister said on Tuesday.

"A final decision is yet to be taken," Economy and Energy Minister Traicho Traikov told reporters.

The statement followed media reports in the local press, which citing unnamed sources from the finance ministry, said that the new government will insist on the liquidation of the steel mill.

The sprawling communist-era behemoth near Sofia was declared insolvent in August last year with debts exceeding EUR 1 B. It is a big source of pollution and urgently needs re-furbishing.

Kremikovtzi, one of Bulgaria's biggest companies, provides jobs for over 5 000 people and its future was a politically sensitive issue ahead of the general elections in the summer.

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