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ArcelorMittal enters Kremikovtzi creditors circle

Thu, Sep 04 2008 18:52 CET byElitsa Savova 166 Views
ArcelorMittal enters Kremikovtzi creditors circle

A number of companies close to global steel maker ArcelorMittal had taken over debts of Bulgaria's steel mill Kremikovtzi worth more than 30 million leva, Bulgarian daily Dnevnik said.

Through the acquisition of the debts, ArcelorMittal aimed to gain the rights to vote in the upcoming meeting of Kremikovtzi's creditors on September 26, Dnevnik quoted unnamed sources as saying. The debt was almost two per cent of the total debt of Kremikovtzi, which according to the unconsolidated balance for 2007, was 1.7012 billion leva.

ArcelorMittal was seeking for other creditors to consolidate a larger debt.

RUA Invest Trade Inc, a company of rival bidder for Kremikovtzi Konstantyn Zhevago used the same scheme to become one of the mill's creditors and filed a claim for Kremikovtzi's insolvency.

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