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The Bulgarian government sold 71 percent of Kremikovtzi, once dubbed the ... Advertising guide, Compare finance products, Crossword, Events / offers ...

A government agency, which oversees privatisation contracts,had filed the claim with a Sofia court. Anypledges from now on will not do," the minister said. Bulgaria's largest steel mill declined to comment. Dimitrov said he had lost trust in Kremikovtzi's owner andurged them to pay the mill's debts and the court fine. GSHL is looking for a strategic investor, after it failed toprovide investment of up to 140 million euros ($205 million),needed for environmental upgrades and working capital. I havethe written statement of Mittal pledging to invest 100 millioneuros by the end of 2007. In 2005, GSHLbought Finmetals and took control of the mill. Kremikovtzi has asked the government, which holds a 25percent stake in the mill, to allow it to delay outstanding duesto the state railway company, gas and electricity suppliers. Petar Dimitrov said the majority owner of Kremikovtzi,India's Global Steel Holdings Ltd (GSHL), had not appealed thecourt's decision in the allowed 7-day period. Steel Corp have shown interest in the plant, butGSHL owner Pramod Mittal has decided to appoint Merrill Lynch toget advice on a possible sale. The bond holders of Kremikovtzi's 7-year, 325 million eurobond due 2013, have declared it in default and made it clearthey wanted to have a say in any potential sale. The Bulgarian government sold 71 percent of Kremikovtzi,once dubbed the industrial glory of the communist regime, toBulgarian Finmetals Group in 1999 for a token $1. The fine comes as yet another blow to the loss-making plant,which accounts for 10 percent of Bulgaria's exports, has 8,000workers and indirectly provides income for 100,000 people. Ukrainian tycoons Konstyantin Zhevago and Rinat Akhmetov,along with U.S.