Sofia Court to decide on Kremikovtzi fate in January 2010
Wednesday, 30 Sep 2009
It is reported that the Sofia Administrative Court will rule on the fate of the ailing Bulgarian steel mill Kremikovtzi at the end of January 2010.
It may be noted that Mr Traicho Traikov economy, energy and tourism minister of Bulgaria has appealed to the Court to acknowledge the BGL 700 million in state aid given to Kremikovtzi.
In July the Court confirmed that the previous government’s claim for the aid to be returned had been issued by an incompetent authority. The Bulgarian state was therefore moved below the official bondholders of the mill in the list of creditors. The Court will present its final decisions regarding Kremikovtzi creditors at the end of January 2010.
The date for claims by other creditors of the steel mill expires on September 28th 2009. Three experts will calculate the share of each creditor in a new company, the 57 largest creditors of Kremikovtzi are ready to capitalize their debts and become shareholders. Their claims amount to almost BGL 1.5 billion.
