Sat, Nov 21 2009
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.
Strong public opposition to price hikes prompted Prime Minister Boiko Borissov to axe the Finance Ministry proposal to increase the excise duty on spirits, but MPs have put it back on the agenda.
Bulgaria’s Cabinet seeks to reverse recent changes in the telecommunications sector
Kremikovtzi’s prospects for a recovery plan appear increasingly distant
Bulgarians are getting the hang of debit and credit cards, MasterCard says
The two telecoms, both set up to challenge former fixed-line state monopoly BTC, will merge operations and expect to report 20 million euro in revenue and a gross profit of five million euro in 2010.