Sofia City Court Declares Insolvency of Kremikovtzi Steel Mill

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Sofia City Court Declares Insolvency of Kremikovtzi Steel Mill

A panel of the Sofia City Court Wednesday rendered a judgment declaring the insolvency of the Kremikovtzi iron and steel works, the Court said in a press release.

The judgment set a commencement date of the insolvency and initiated bankruptcy proceedings against the company.

An interim trustee in bankruptcy for Kremikovtzi AD has been appointed, the court said.

As you know it emerged on July 29 that the bond holders (the factory's creditors in the amount of 325 mln euros) have won the trial against Kremikovtzi's owners in the London Court. According to European legislation, this means that they should get their money back or obtain ownership of he company.

Photo: BGNES

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