Sophia Echo reported that British Virgin Islands registered company Bassion Management Limited has bought Eltrade Company, the owner of Bulgaria's steel mill Kremikovtzi.

Eltrade Company, owned by Mr Lachezar Varnadzhiev, acquired the indebted steel maker in the spring of 2011.

According to Trade Registry data, Bassion Management bought the company on June 24th 2011 for BGL 20,000, with Mr Varnadzhiev remaining to serve as its manager.

In April 2011, Eltrade Company, which was registered a month earlier, emerged as the sole bidder for the production assets of the insolvent steel mill. The firm then agreed to pay BGL 316 million for Kremikovtzi.

Bulgarian First Investment Bank said that it had provided the entire sum for the takeover in the form of bridge financing to Nadin Metals Trade and Velpet Konsult, strategic partners of Eltrade Company.

(Sourced from www.sofiaecho.com)