Bulgaria sells bankrupt steel mill

Bulgaria sells bankrupt steel mill. Bulgaria has finally sold the production assets of its biggest steel mill in a fourth auction to a local company. The sole bidder in Tuesday's auction, Eltrade Company EOOD, bought the bankrupt Kremikovtzi steel-maker at the opening price of euro162 million ($234 million). The mill was declared bankrupt last May with nearly euro1 billion ($1.4 billion) in debts. No bidders showed up for the previous three auctions, with the price dropping by 20 percent as each auction opened. The production assets, which include a rail transport network and the plant's electricity and natural gas distribution grids, were initially priced at euro290 million ($418 million) in September. It was not immediately clear what the buyer planned to do with the plant just outside the capital Sofia.